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Our Bureau

Chennai, Sept. 2

Cadila Pharmaceuticals Ltd has bought 50 per cent equity in Akshaya Apollo Hospitals Ltd, an unlisted company promoted by Apollo Hospitals Enterprise Ltd. Akshaya runs a 350-bed `super speciality' hospital in Ahmedabad. Apollo Hospitals had a 55.35 per cent stake in Akshaya Apollo and the rest was with three financial institutions, ICICI Bank (16.52 per cent), IDBI (8.26 per cent) and IDFC (19.83 per cent). Apollo Hospitals bought out the institutions through its subsidiary, Unique Home Healthcare Ltd and alongside, entered into an MoU with Cadila Pharma for sale of 50 per cent stake in Akshaya Apollo. The transaction was completed on Thursday.

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