Apollo Hospitals Enterprise on Wednesday announced that the Chennai bench of NCLT has sanctioned a 'scheme of arrangement' to demerge the front-end portion of its standalone pharmacy business to Apollo Pharmacies (APL) for ₹527.80 crore.
APL, in turn will be a wholly-owned subsidiary of Apollo Medicals Private Ltd (AMPL).
Apollo Hospitals said the divestment will help the company to focus on its core business of hospitals and healthcare services while it will also set the platform for 'value discovery' of the pharmacy business at a later stage with the ultimate objective of maximising shareholder returns.