NEW DELHI : The Competition Commission of India (CCI) has approved the sale of Apollo Hospitals Enterprise Ltd's pharmacy business to Enam Securities Pvt Ltd, Jhelum Investment Fund and Hemendra Kothari.

"@CCI_India approves restructuring of pharmacy business of Apollo Hospitals Enterprise Limited and its subsequent acquisition by Enam Securities Private Limited, Jhelum Investment Fund I, and Mr. Hemendra Kothari," the anti-trust regulator said in a tweet.

In November, Apollo Hospitals had announced the restructuring and sale of its pharmacy operations under Apollo Pharmacies Ltd to the consortium for Rs. 527.8 crore.

Under the plan, the front end pharmacy business of the hospital chain would be transferred to Apollo Pharmacies, which itself would be a wholly owned subsidiary of Apollo Medicals Pvt Ltd.

After the restructuring and slump sale, Apollo Hospitals would own 25.5% in the pharmacy operations, with Jhelum Investment Fund 1 holding 19.9%, Kothari 9.9% and ENAM Securities 44.7%.

The restructuring would help Apollo Hospitals reduce its net debt, while also expanding and unlocking the value of its pharmacy operations.

Apollo Pharmacy had 3,428 outlets across 400 cities as of March 31. The pharmacy business caters to about 300,000 customers daily, as per filings by the company with the exchanges.

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