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news.Surya Healthcare, a pharma retail chain promoted by Surya Pharmaceuticals, has acquired Hyderabad-based Medimart Pharmacy for INR110m.
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Medimart Pharmacy, owned by a local doctor RR Reddy and few financial partners, operates 42 drug retail outlets in Andhra Pradesh.
Surya Healthcare, which distributes anti-biotics, vitamins, vaccines, biological & proprietory medicines, pharmaceuticals, medicines, surgicals and other products, plans to open 200 stores in Hyderabad and Bangalore by the end of this year.
Reportedly, it is in discussions with two local players in Mumbai and eastern India for other acquisitions.
Economic times has quoted Surya Pharmaceuticals associate director and retail head Hari Bhatia as saying that Medimart gives them immediate presence in Hyderabad and they will use the platform to expand in South India.