Singapore, March 26, 2009: Surya Pharmaceutical Limited (Surya), an Indian pharmaceutical company based in Chandigarh will be setting up 500 healthcare and pharma retail stores under the brand 'Viva' in the next three years, beginning April this year in India. It would set up 100 stores in Delhi and the National Capital Region (NCR) which encompasses the entire National Capital Territory of Delhi as well as urban areas ringing it in neighboring states of Haryana, Uttar Pradesh and Rajasthan by March 2010 and follow this up by more stores in North India and other parts of the country.

 

Surya is targeting to be a leading retailer offering a comprehensive and integrated mix of related products. It is very soon launching a chain of chemist and wellness outlets in North India under the "VIVA" brand and plans to expand to locations across India in the next 3 years.

 

“The presence of a huge spurious drug market along with increasing number of lifestyle and stress-related ailments prompted us to foray into healthcare retail,” said Mr Rajiv Goyal, Chairman & Managing Director, Surya Pharmaceutical Limited.

 

The total capital outlay of about Rs 2.5 billion approx in next 3 years is proposed to be met through a combination of Promoters, Equity, Venture Capital, Private Equity and borrowings from Banks.

 

The stores have different formats according to the locations where they are situated. Our stores ranging from 150 sq ft area to 1000 sq ft area would sell medicines as well as health and fitness products. The retail business would operate under the company-owned initially and the franchise format later on.

 

Surya started its operations in 1992 in Panchkula followed by two facilities in Baddi and another in Banur in 1995 and 2000 respectively. The pharmaceutical business has been expanded by setting up Greenfield mint derivatives projects at Baddi in Himachal Pradesh and Sambha in Jammu and Kashmir.

 

Besides growing organically through annual growth of 40-45%, Surya Pharmaceutical proposes to grow inorganically also through proposed acquisitions in overseas and domestic markets. Currently the company is negotiating with a company in Germany and another in India for possible acquisitions.

 

“We are constantly striving to fulfill our three corporate principles of sustaining growth in our key businesses, setting leadership standards through continuous training and development and empowering lives in the areas where we are present,” added Mr Goyal.