Mumbai, Aug 31
The Wellspring network of pathology laboratories, promoted by drug-maker Nicholas Piramal India Ltd (NPIL), is set to embark on a Rs 150-crore expansion over the next two years.
The funds would support acquisitions, with the gameplan of establishing a Wellspring centre in every State, Dr Swati Piramal, Director (Strategic Alliances), NPIL, told
She outlined expansion plans, even as Wellspring has consolidated its operations by acquiring the remaining 40 per cent stake in its joint venture with Dr Phadke's Path Labs in Mumbai for a consideration of Rs 14 crore.
Wellspring is under the aegis of NPIL Laboratories and Diagnostics Pvt Ltd, a wholly owned subsidiary of NPIL.
With sales of about Rs 75 crore, Wellspring expects to end the current fiscal at about Rs 100 crore, she said.
The Rs 150 crore to support expansion plans would be through internal accruals and the plan is to have about 26 hubs or central labs in every State capital, she added.
Currently, Wellspring has about 70 centres in 30 cities. The plan is to double that number in two years.
The Wellspring chain had effected a similar acquisition at Tribedi & Roy in Kolkata, in which it holds 90 per cent.
But it has sold its equity in Dr Golwilkar Laboratories to the joint venture partner in Pune.