MUMBAI: The TapariaBSE 4.99 % family, which had sold Famycare, the female healthcare business to drug maker Mylan for Rs 4,600 crore last year, has picked a majority stake in Guardian Lifecare, India’s third largest pharmacy chain after Apollo and Medplus. The deal, under discussions for the past few months, is valued at around Rs 55 crore, a source aware of the development told ET.
A questionnaire to the Taparias on the development was not answered. Samara Capital and Ajay Lal, a private equity professional, are existing equity holders in Guardian. Following the deal with Taparias, Guardian will be run by a professional management team. Ashutosh Garg, who started the chain in 2003, will have a minority stake in the new company and hold a seat on the board of directors.
With new infusions, Guardian is expected to consolidate itself in the NCR and late aim at a national footprint. Besides, Guardian will strengthen its online arm for pharmacy and healthcare services. Relations between Garg and Samara turned bitter for the last few years following charges and counter-charges overpayment defaults by Guardian to another firm backed by Samara Capital.
However, sources said all the disputes between Samara and Garg have been amicably resolved and both parties have withdrawn all court cases against each other.
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Source: Economic Times
