The Anil Dhirubhai Ambani Enterprise group is planning to foray into retailing of pharmaceutical products.
Sources close to the development said the group was in the process of appointing top executives for the pharmaceutical venture and that the planned investment was over Rs 1,500 crore (Rs 15 billion).
An ADAE spokesperson told Business Standard, "It is not our company's policy to comment on speculation."
No details were available on the size of the planned retail units and their design. But industry sources said most organised players in the market such as Planet Health, Apollo Pharmacies or Zydus Cadila group's Dialforhelp had over 1,000 to 2,000 sq ft stores.
ADAE was expected to go in for even bigger outlets, the sources said. ADAE may even go in for an outright buyout of one of the existing retail outlets in the country.
Interestingly, this will be the second such service industry venture by the ADAE group which has already consolidated its position in telecom. The group may also expand its reach to other segments of the health care industry like 'superspeciality' hospitals.
A number of MNCs and other local companies is exploring the possibility of entering this highly lucrative retail business. Some of them are also scouting for partners and may enter the country very soon.
