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Aster DM Healthcare currently operates 446 pharmacies in India, Gulf Cooperation Council countries and Jordan.
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Aster DM Healthcare on Monday announced that its retail arm Aster Pharmacy has entered into a long-term joint venture agreement with Al Hokair Holding Group to set up and operate pharmacies in Saudi Arabia.
Through this partnership, Aster Pharmacy aims to set up and operate more than 250 stores over a period of five years and provide ease of access to pharmaceutical and wellness products across the segments of nutrition, baby care, skincare, and home healthcare under the 'Aster Pharmacy' brand.
After the announcement, Aster DM Healthcare Ltd. shares jumped nearly 4 percent in intraday trade on Tuesday.
Elaborating more on the plans, Aster DM Healthcare said that the partnership aims to open and operate in high streets, communities, and shopping malls of the Kingdom of Saudi Arabia beginning with Riyadh, the capital and the largest city.
“During Phase 2, we aim to set up pharmaceutical manufacturing within the Kingdom to support the Saudi Vision 2030,” the company added.
Aster DM Healthcare currently operates 446 pharmacies in India, Gulf Cooperation Council countries, and Jordan, including 201 pharmacies in India operated by Alfaone Retail Pharmacies Pvt. Ltd under brand license agreement.
The plan is to expand our primary care footprint through the introduction of Aster Pharmacy to serve the large growing market and we are glad to partner with the prestigious Al Hokair Holding Group.
Shares of Aster DM Healthcare are currently trading 3 percent higher at Rs 249.95, as of 1:45 PM.
The stock has also been highlighted as one of the top 10 Diwali Picks by HDFC Securities which is betting on the company's plans to increase the share of its India business to 40 percent over the next three years. The brokerage has a price target of Rs 278 on the stock.
(Edited by : Rukmani Krishna)