Date:05/01/2007 URL: http://www.thehindubusinessline.com/2007/01/05/stories/2007010503110200.htm

Back Wellspring acquires Jankharia Imaging

Our Bureau

Mumbai , Jan. 4

Wellspring, the chain of pathology laboratories and diagnostic centres promoted by Nicholas Piramal India Ltd (NPIL), has acquired radiology and imaging centre Jankharia Imaging for an undisclosed sum.

The new entity would be renamed Wellspring-Jankharia Imaging. With this acquisition, Wellspring becomes the first corporate diagnostic provider to enter into high-end health imaging services.

"The Indian health imaging market is expected to double from the existing $350 million in the next five years. Hence, we consider the acquisition to be a strategic fit into Wellspring's expansion plans. We are now well equipped and committed to deliver an all-encompassing range of high-end health imaging services," said Dr Swati Piramal, Director - Strategic Alliance and Communication, NPIL.

Wellspring plans to set up high-end imaging centres across the country and invest about Rs 100 crore over the next three years on acquisitions.

"We expect revenue to grow by 70-80 per cent next year on the back of the tie-up with Jankharia Imaging and also our own organic growth strategy," said Mr Girish Mehta, President, Wellspring.