Joint venture has plans to establish manufacturing facility
BBN Bureau
KOCHI/ October 17-2022: Aster Pharmacy, the retail arm of Aster DM Healthcare, has entered into a long-term joint venture agreement with Al Hokair Holding Group to set up and operate pharmacies in the Kingdom of Saudi Arabia (KSA).
Aster DM Healthcare, one of the largest integrated healthcare providers in GCC and India, is expanding its footprint in the Kingdom of Saudi Arabia with the Aster Pharmacy division.
Aster Pharmacy, the leading pharmacy chain in the UAE, through this partnership aims to set up and operate 250+ stores over a period of 5 years and provide ease of access to pharmaceutical and wellness products across the segments of Nutrition, Baby care, Skin Care, Home Healthcare etc, according to a release from Aster.
Through this joint venture agreement, both partners will work towards bringing Aster Pharmacy’s in-house quality care products to serve the healthcare needs of the local population in KSA.
The partnership plans to open and operate outlets in high streets, communities and shopping malls of KSA beginning with Riyadh, the capital and the largest city of the Kingdom.
Pharma manufacturing
As Phase 2, the group aims to set up pharmaceutical manufacturing within the Kingdom to support the Saudi Vision 2030. Aster DM Healthcare currently operates 446 pharmacies in India, GCC and Jordan, including 201 Pharmacies in India operated by Alfaone Retail Pharmacies Pvt Ltd under brand licence agreement.
