AIOCD To Float 10 State Wise Pharmacy Retail Chain Cos By 2008

The All Indian Origin Chemists and Distributors Ltd. (AIOCD), the company floated by All India Organisation for Chemists and Druggists (AIOCD), is planning to float 10 state wise pharmacy retail companies by January 1, 2008. The move comes as the part of AIOCD's plans to set up 30 companies over the country within two years.

The 12-state affiliates of AIOCD, in West Bengal, Bihar, Orissa, Assam, Tamil Nadu, Rajasthan, Delhi, Himachal Pradesh, Punjab, Hariyana, Gujarat and Madhya Pradesh has informed the national body that they are ready to float retail chain pharmacies in the respective states soon. Out of these states, 10 affiliate bodies will set up limited firms by January 2008, according to sources from the organization. The state affiliates of AIOCD in Maharashtra and Kerala have already announced to roll out their companies by April 1, 2007.

In a bid to ensure adequate funding for these plans, the organization targets to collect Rs. 20 crore through equity shares, for which the formal procedures are currently on the way, informed J S Shinde, general secretary of AIOCD. The AIOCD Ltd. will act as the supervising and nodal agency for the companies under the state associations. The AIOCD will sign an agreement with Accenture, the US-based leading business consulting company, by the second week of March to ease the procedure of launching state wise companies. The organization has already appointed Ernst & Young as consultant to guide small drug retailers through the transition process. (Ref : Chronicle Pharmabiz dated March 8, 2007)