Apollo to sell 49% stake in pharmacy biz

Dec 02, 2010 |

PTI
Reuters

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Apollo Hospitals Enterprise is looking to offload a 49 per cent stake in its pharmacy chain unit and is also exploring the possibility of listing the unit in six months, a top official said on Thursday.

The hospital chain is planning to raise `550 crore via equity and debt for expansion by March, Ms Suneeta Reddy, executive director-finance, told reporters. She also said that the pha-rmacy chain has become profitable and hence will be hived off as a separate business entity over a period of time.

Apollo Pharmacy is India’s largest branded pharmacy network, with over 740 plus outlets in key locations.

The company is also planning to invest `1,100 crore to add another 1800 beds by the end of 2013. She said that the company plans to raise the capital through debt, equity and internal accruals.

Emphasising the need for more medical colleges in the country, the Apollo Hospitals executive director (operations), Ms Sangita Reddy, said that the company is in talks with Malaysian sovereign fund Khazanah for funding its healthcare education foray in the country. “We are in talks with Khazanah for the entire education space as there is need for capital for this,” the director said.

“There is an urgent need for opening medical colleges. We are also tying up with best universities for technical support,” she added.

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