Cryobanks to invest 500 cr in stem cell banks
Ravi Jaipuria-promoted Cryobanks International India plans to invest Rs 500 crore to set up stem cell banks and collection centres in India and Asian countries.
By Khomba Singh, TNN |
NEW DELHI: Ravi Jaipuria-promoted Cryobanks International India plans to invest Rs 500 crore to set up stem cell banks and collection centres in India and Asian countries.
Cryobanks International India is a joint venture between RJ Corp and US-based Cryobanks International, a global leader in stem cell banking.
“By March next year, we plan to set up stem banking collection and counselling centres in over 100 cities, through franchisee route and company owned centres.
The company will also set up stem cell banks in north, west, south and eastern parts of the country. The investment would be around Rs 100-150 crore which would be funded internally,“ RJ Corp chairman Ravi Jaipuria told ET.
Of these, around 30 centres in main cities will be company owned and the rest will be franchise centres. In addition, the company will also set up stem cell research and therapy centres in the next 4-5 years.
Post expansion, the company will have a staff strength of 300-400 people from 30-40 now. Stem cells are umbilical cords that are collected at the time of birth and can be used to cure various diseases such as leukemia, thalassemia and cancers. Research have also indicated that diseases such as diabetes, arthritis, parkinson’s disease and alziemers among others can also be cured.
In addition, the company also plans to set up stem cell bank and collection centres in Asian countries such as Thailand (with a local partner), Malaysia and Sri Lanka.
Currently, the company charges Rs 70,000 for private storing of stem cell which is valid for 21 years.
Cryobanks International India is a joint venture between RJ Corp and US-based Cryobanks International, a global leader in stem cell banking.
“By March next year, we plan to set up stem banking collection and counselling centres in over 100 cities, through franchisee route and company owned centres.
The company will also set up stem cell banks in north, west, south and eastern parts of the country. The investment would be around Rs 100-150 crore which would be funded internally,“ RJ Corp chairman Ravi Jaipuria told ET.
Of these, around 30 centres in main cities will be company owned and the rest will be franchise centres. In addition, the company will also set up stem cell research and therapy centres in the next 4-5 years.
Post expansion, the company will have a staff strength of 300-400 people from 30-40 now. Stem cells are umbilical cords that are collected at the time of birth and can be used to cure various diseases such as leukemia, thalassemia and cancers. Research have also indicated that diseases such as diabetes, arthritis, parkinson’s disease and alziemers among others can also be cured.
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In addition, the company also plans to set up stem cell bank and collection centres in Asian countries such as Thailand (with a local partner), Malaysia and Sri Lanka.
Currently, the company charges Rs 70,000 for private storing of stem cell which is valid for 21 years.
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