Dr Lal Pathlabs to expand, hit markets
Pathology chain, Dr Lal Pathlabs on Tuesday announced its expansion strategy, besides its plans to hit the capital market over the next 2-3 years.
By TNN |
NEW DELHI: Pathology chain, Dr Lal Pathlabs on Tuesday announced its expansion strategy, besides its plans to hit the capital market over the next 2-3 years. The company plans to expand its laboratories in India from the present 12 to 50 by March 2009. The expansion will be funded through its internal accruals, debt and venture capitalist Sequoia Capital.
Last year VC firm Sequoia Capital had bought 26% stake in the pathology chain for Rs 28 crore.
In the first phase of expansion the number of labs will be increased to 25 by end of the current financial year. Of these, 24 of these are greenfield ventures. Two hi-tech labs will also be opened Mumbai and Kolkata by the end of this month. Tthe company has also set a road map for hitting the capital markets with an Initial Public Offering.
"We have not yet finalised the amount of money that we wish to raise but financial advisors to the company say that in the next 2-3 years the market will stabilise and it will be the best time to enter the capital market," said Dr Arvind Lal, Chairman and Managing Director, Dr Lal Pathlabs.
The company had revenues of Rs 75 crore for the financial year ended March 2006 and hopes to touch Rs 100 crore by March 2007.
Last year VC firm Sequoia Capital had bought 26% stake in the pathology chain for Rs 28 crore.
In the first phase of expansion the number of labs will be increased to 25 by end of the current financial year. Of these, 24 of these are greenfield ventures. Two hi-tech labs will also be opened Mumbai and Kolkata by the end of this month. Tthe company has also set a road map for hitting the capital markets with an Initial Public Offering.
"We have not yet finalised the amount of money that we wish to raise but financial advisors to the company say that in the next 2-3 years the market will stabilise and it will be the best time to enter the capital market," said Dr Arvind Lal, Chairman and Managing Director, Dr Lal Pathlabs.
The company had revenues of Rs 75 crore for the financial year ended March 2006 and hopes to touch Rs 100 crore by March 2007.
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