Guardian Lifecare in talks to raise Rs 100 cr
Pharmacy chain Guardian Lifecare is in talks with private equity (PE) players to offload a minority stake to raise Rs 100 crore to fund its expansion plans over the next 2 years.
By TNN |
NEW DELHI: Pharmacy chain Guardian Lifecare is in talks with private equity (PE) players to offload a minority stake to raise Rs 100 crore to fund its expansion plans over the next 2 years. ���We are raising Rs 100 crore by offloading a minority stake to a PE firm. We expect to finalise the deal in a month���s time,��� Guardian Lifecare CMD Ashutosh Garg told ET.
The fund would be used to add 300 new retail outlets across the country, mostly western and northern region, over the next two years.
This will take the company���s total outlets in the country to around 400 in the next 2 years, he added. Currently, Guardian has around 100 retail outlets across six states and 13 cities. By the end of March 2009, we would have added another 150 stores across India. It is adding almost two new stores every week.
Post-expansion, the employee strength is also expected to double in a year. The Indian retail pharmacy market is growing at 10-12% annually.
The fund would be used to add 300 new retail outlets across the country, mostly western and northern region, over the next two years.
This will take the company���s total outlets in the country to around 400 in the next 2 years, he added. Currently, Guardian has around 100 retail outlets across six states and 13 cities. By the end of March 2009, we would have added another 150 stores across India. It is adding almost two new stores every week.
Post-expansion, the employee strength is also expected to double in a year. The Indian retail pharmacy market is growing at 10-12% annually.
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