Apollo Hospitals Enterprise will buy the retail pharmacy business of Hetero Med Solutions for Rs.146 crore.
Hetero operates retail pharmacy stores in Telangana, Andhra Pradesh and Tamil Nadu.
In a statement, Apollo said it would buy the business undertaking on a slump-sale basis. The deal comprised 320 pharmacy stores, it added. There was no equity buy in Hetero, it said.
“In order to drive the standalone 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 choice given its significant presence in the relevant territories,” Shobana Kamineni, Executive Vice-Chairperson of Apollo Hospitals, said in a statement.
For Hetero, the sale comes as part of its plan to exit pharma retail business to focus on its core pharma and bulk drugs businesses.
