Apollo and Sanofi to jointly expand sugar clinics for diabetics.

Apollo Hospitals and pharmaceutical major Sanofi announced their joint plans to collaborate on expansion of Apollo Sugar Clinics in India. Under, Apollo Sugar Clinics Ltd. (ASCL)-A subsidiary of the Apollo Health and Lifestyle- 200 clinics are being planned by 2016 for treating diabetics only.

Under the proposed deal, Sanofi could acquire about 20% stake in ASCL, subject to approval from the FIPB (Foreign Investment Promotion Board). Competition Commission of India has already given its nod for the proposed stake buy by French pharmaceutical major.

'We are aiming to have 50 sugar clinics by the end of current year and take it further to more than 200 by 2016,' SnagIta Reddy, chairperson at Apollo Sugar said.

BS