Nicholas Piramal India Ltd has announced that Wellspring, the chain of Pathology Laboratories and Diagnostic Centres promoted by the company, has acquired Jankharia Imaging, the most successful radiology and imaging centre in Mumbai.
With the acquisition, the Wellspring would have 70 percent stake in the new entity would, renamed as Wellspring-Jankharia Imaging. The new initiative will facilitate imaging tests including ultra fast CT, cardiac CT, Ultra Fast MRI, Digital X-Ray, Ultra Sonography, Colour Doppler and 4dD Echo, Radio Frequency Ablation etc., to offer a spectrum of radiology services along with the pathology tests.
Following the acquisition Wellspring would be the first corporate diagnostic provider to enter into high-end health imaging services. In a spree of acquisitions, and expansion, the company is planning to for an investment of around Rs 100 crore within next two years, during which the company would offer tele-radiology solutions requiring expert radiology opinions across India and abroad, the company officials informed in a press conference.
Wellspring intends to have high end imaging centres across the country and would be looking for many more partners in key cities across India. To start with, the company will set up the imaging facilities in its existing 35 path-lab centres. The company has signed an agreement with the Indore Medical College to manage the radiology centre with trained employees in the field. It would also tap areas like public private partnership opportunities being offered by Government run Medical College hospitals across the country.
The company, which is expected to hit Rs 90 crore turnover in the current fiscal is envisaging a growth of 70 percent to 80 percent with the expansion including the acquisition of Rs 11 crore Jankharia Imaging. Dr Swati Piramal, Director - strategic alliance and communication, of the company states, "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."
In 2009, the imaging modalities of X-ray, ultrasound, CT, and MRI are collectively estimated to account for 68.6 per cent of the health imaging market.
According to Dr G R Jankharia, "Jankharia Imaging and its doctors are known throughout the country for their expertise in various radiology modalities and their use of cutting-edge technology to deliver these high-quality services. The alliance with Wellspring will enable Wellspring - Jankharia Imaging to spread its expertise and to accelerate the growth of new state-of-the-art technology globally."