Manipal Group to pump in Rs 150cr into healthcare retail

Bangalore, May 29 (UNI) Manipal Group today announced its foray into healthcare retail and said it will invest Rs 100-150 crore over the next two years in setting up outlets across the country.

The healthcare major will open 50 exclusively owned outlets during the next one year with an investment of Rs 40 crore.

The company will offer mix of services and products in preventive, wellness and beauty under one roof with the brand name 'Manipal Cure and Care'.

''We will first open two stores, one each in Ahmedabad and Bangalore in July and gradually spread the network. Once we have completed 50 stores of our own, we will start franchise outlets, besides expanding the chain of stores ourselves,'' Manipal Education and Medical Group CEO Ranjan Pai said.

Speaking to newspersons here, he said ''We had signed an MoU with retail chain Big Bazaar to set up similar outlets in their chain of super bazaars. However, we have altered our plans now and first, we will foray on our own to set up exclusive shops in malls and high streets in metros and Tier II cities.'' Manipal Cure and Care, formed with a seed capital of Rs 50 crore, will have its own branded drugs, which will cost up to 50 per cent cheaper and would have a set of specialists, including doctors, in each store catering to the different needs of the people.

''Retailing is the next big industry that is taking off in India. We feel that there is a huge space in the wellness, preventive and beauty and cosmetic care. We plan to integrate our skills in healthcare to ride the wave of retail boom,'' he said.

Company COO Somnath Das said Manipal Cure and Care would focus on prevention and wellness, and not 'illness'. Besides allopathy, the outlets would later offer alternate medicines like Ayurveda.

UNI