New Delhi: French healthcare major Sanofi is picking up 20 percent stake for Rs 90 crore in Apollo Sugar Clinics, a diabetes care chain of Chennai-based healthcare major Apollo Hospitals.
The investment will be made by Sanofi-Synthelabo India "through a combination of primary and secondary funding," Apollo Hospitals said in a filing to BSE.
When contacted, Apollo Hospitals Joint Managing Director Sangita Reddy said that through the transaction, Sanofi-Synthelabo India will pick up 20 percent stake in the diabetes care chain.
Commenting on the collaboration, Apollo Hospitals Group Founder and Chairman Prathap C Reddy said: "This is a good start towards diabetes management programme in India and I am delighted to be partnering with Sanofi, a global leader in diabetes management."
Apollo Sugar Clinics Ltd (ASCL) is a subsidiary of Apollo Health & Lifestyle (AHLL), an arm of Apollo Hospitals Group that focuses on growth in primary and secondary care.
"The investment made by Sanofi and the strong support of both our shareholders, enables us to grow our footprint to offer our services at many more clinics across India, and provide millions of diabetic customers access to world class care at their doorstep," AHLL CEO Neeraj Garg said.
In September 2014, Apollo Hospitals and Sanofi had announced joining of hands to provide diabetes care programmes through the Indian healthcare major's Apollo Sugar Clinics.
Shares of Apollo Hospitals Enterprise fell by 3.38 percent to close at Rs 1,310.80 on the BSE today.