Manipal Health Systems, Pantaloon in healthcare retail partnership
14 Aug 2006
Chennai: The Bangalore-based Manipal Health Systems has decided to launch 100 healthcare stores under the brand Manipal Cure & Care partnering with Pantaloon Retail (India) Limited. The retail outlet will not only vend medicines and other products but also offer doctors for consultation.
According to Dr Ranjan Pai, CEO, Manipal Education and Medical Group, "Manipal Cure & Care stores are a new and innovative model bringing healthcare delivery out of hospitals and clinics into a mall environment."
The joint venture company formed with an initial investment of Rs10 crore will be headquartered in Bangalore and the first story will come up on a 7,000 sq.ft. spare on the Old Madras Road, Bangalore. Further the existing pharmacies of both companies will now come under the Manipal Cure & Care brand. Pantaloon Retail would provide real estate space, consumer understanding and front end retail expertise to the joint venture.
However
the equity holding pattern in the new outfit is not disclosed.
Meanwhile the Manipal group plans to invest over Rs800
crore in healthcare business in the next five years.
