Cord blood cells and tissue banking service provider, RMS Babycell, a division of Mumbai-based Satyan Interchem a pharmaceutical company said it has plans to expand to 60 more cities by 2013 in a bid to strengthen its position in the market and the budgeted spend for the same would be to the tune of Rs 4 crore.
“India has tremendous growth opportunity in the Stem Cell Industry and we are aggressively rolling out our second phase of expansion plans. That includes setting up offices in new locations to strengthen the technology front,” said Satyen Sanghavi, chief scientific officer, RMS Babycell.
The company said it had earlier raised around Rs 45 crore for its initial setup and expansion, from its own fund reserves and that it has increased its employee headcount to about 200 people from 30 employees in the last two years.
With its Stem Cell Processing Centre at Lonavala, the company has presence in several locations in India and plans to expand its operations in NCR, Maharashtra, Madhya Pradesh, Andhra Pradesh, West Bengal, Karnataka, Kerala, Orissa, Gujarat and Punjab.
RMS was started in 2007 as a cell therapy division of Satyan Interchem Pvt Ltd, a leading pharmaceutical and specialty chemicals supply company based in Mumbai. RMS has a technical collaboration with Sewon Cellontech, Korea.