New Delhi: Healthcare major Apollo Hospitals Enterprise has inked a pact with Hetero Med Solutions Ltd to acquire its pharmacy stores business for about Rs. 146 crore.
“Apollo Hospitals Enterprise has entered into an MoU with Hetero Med Solutions Ltd for the acquisition of its retail pharmacy stores currently operated in Telangana, Andhra Pradesh and Tamil Nadu,” the company said in a filing to the BSE.
The acquisition would be in the form of purchase of business undertaking on a slump sale basis, comprising 320 pharmacy stores, at an overall consideration not exceeding Rs. 146 crore, it added.
Apollo Hospitals Enterprise Executive Vice-Chairperson Shobana Kamineni said: “In order to drive the stand-alone pharmacy business segment's growth to the next stage, Apollo was on the look-out for acquisitions to grow inorganically and considers the Hetero Pharmacy chain as the right choke given its significant presence in the relevant territories.”
Apollo Hospitals Enterprise expects to leverage on its proven track record of performance and operational capabilities to drive growth and profitability of the combined network and create a long-term value for its shareholders, she added.
“This will also create an opportunity to increase the sales of Apollo private label products,” the company said.
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