PE firm Advent International will infuse Rs 2,475 crore (approximately $297 million) into Apollo Hospitals’ unit, Apollo HealthCo, facilitating a merger with pharmacy distributor Keimed. Advent’s investment, via compulsory convertible instruments in two stages, secures a 12.1% stake in the merged pharmacy entity valued at Rs 22,481 crore. Despite Apollo HealthCo’s ongoing losses, the merger aims to enhance profitability by fiscal 2024’s end. Analysts anticipate the combined entity to lead the retail health sector, with Apollo HealthCo and Keimed holding enterprise values of Rs 14,478 crore and Rs 8,003 crore, respectively.