New Delhi, Mar 31: Country's second largest retail pharmacy chain Guardian Lifecare today said it plans to raise funds worth Rs 100 crore to open 150 new stores across the country.
''Major expansion plans are on the anvil, with an investment plan of over Rs 100 crore, we intend to make a foray into the western India market. By the end of March 2009, we would have also added another 150 stores across India,'' said Guardian Lifecare CMD Ashutosh Garg. Presently, the company is growing at the rate of almost two new stores every week. Our employee strength too shall double in a year's time, he added.
The stores are based on four models--High Street Stores, Mall Stores, Hospital Stores and Personal Stores. The firm also has a rural and semi-urban format under the brand name Aushadhi. Guardian currently has 106 stores in 13 cities. it is also the master franchisee of GNC, the world's largest nutritional supplements company from the US.
The Indian retail pharmacy market is growing at a rate of 10-12 per cent annually. By the end of 2010, the current size of the market is expected to touch Rs 40,000 crore in India.