Apollo Hospitals Enterprise is reportedly planning to restructure its retail pharmacy business in order to bring down the foreign holding in retail below 51%. The move is expected to help the company get Foreign Investment Promotion Board (FIPB) approval for its pending Rs 750 crore rights issue.
The decision comes as the FIPB has been holding back its approval for the hospital chain to raise Rs 750 crore from foreign investors. The FIPB had passed on AHEL's proposal to raise Rs 750 crore through rights issue to the Cabinet Committee on Economic Affairs (CCEA) for its consideration in a the meeting held on February 21.
Apollo Hospitals Enterprise owns and operates chain of multi-specialty hospitals. It offers the services in the area of cardiology, cardiothoracic, orthopedics and joint replacement, spine surgery, oncology, medical and surgical gastroenterology, neurology, neurosurgery, nephrology, urology, cyberknife robotic radio, birmingham hip replacement, cosmetic, bariatric, liver and bone marrow transplants.