Surya Pharmaceutical has announced its foray into the healthcare retail by opening around 500 outlets in the next three years at an investment of Rs 250 crore. It has expressed the hope that the retail segment expects a turnover of Rs 800 crore by 2011.
Apart from this, 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.
Surya Pharmaceutical Chairman and Managing Director Rajiv Goyal said, "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."
Goyal said that the proposed capital expenditure of Rs 250 crore on retail segment would be met through a combination of promoters equity, venture capital and private equity and borrowings from banks.
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