Apollo to sell 49% in pharma chain unit | business | Hindustan Times
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Apollo to sell 49% in pharma chain unit

business Updated: Dec 02, 2010 21:39 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Apollo Hospitals Enterprise may offload 49% stake in its pharmacy chain unit. The company may also explore the possibility of listing the unit.

"Pharmacy chain is a profitable business and company may hive it off in future," said a company spokesperson.

"If the company decides to hive off the unit and needs the money for expansion purpose, then the option of listing the new entity or offloading 49% the stake may be considered."

However, this will not happen in the current fiscal year, the spokesperson said.

The healthcare major, which runs 50 hospitals in the country and has a bed capacity of 8,000, is also in talks with Malaysian sovereign fund Khazanah for funding healthcare education in the country.

"We are in talks with Khazanah for the entire education space as there is need for capital for this," said Sangita Reddy, group executive director, operations, Apollo Hospitals.

The healthcare major also plans to open 50 clinical centres during the next phase of expansion, 25 of which will be for preventive healthcare and screening, Reddy said.