Bangalore, Oct 26: Lifetime Healthcare Pvt Ltd, promoter of Lifeken chain of Pharma retails today announced acquisition of Pill and Power, the oldest player in the sector in the city.
The ''friendly'' acquisition made for an undisclosed amount added eleven stores of Pill and Powder to the Lifeken Chain of pharmacies making it the second largest in South India.
With an investment of Rs.40 crore this year, the company aimed to take the total number of outlets to 100 by the year end and 700 stores within the next three years, Mr M C Kini, CEPO and Promoter of LifeKen told newsmen here.
Intially it would have foothold in Southern region, but gradually move to other parts of the country within the next three years. He said the acquisition was the first of its kind in the organised pharma retail industry, Mr Kini said.
The Pharma retail industry in India was estimated at around Rs.35,000 crore of which the organised pharma sector contributed barely two per cent, he added.