Source: indianexpress.com
March 24, 2009
Chandigarh: Surya Pharmaceutical on Tuesday said it is foraying into the healthcare retail by opening around 500 outlets in the next three years at an investment of Rs 250 crore and expressed the hope that the retail segment clock a turnover of Rs 800 crore by 2011.
Besides, the company has also decided to acquire two pharma companies with a sum of Rs 100 crore in a bid to consolidate its position in the pharmaceutical market.
"The presence of huge spurious drug market along with increasing number of life style and stress related ailments prompted us to foray into healthcare retail," Surya Pharmaceutical Chairman and Managing Director Rajiv Goyal said.
Goyal said the proposed capital expenditure of Rs 250 crore on retail segment would be met through a combination of promoter's equity, venture capital and private equity and borrowings from banks.
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