Nicholas Piramal´s Wellspring acquires 100 pc stake in Dr Phadke´s path labs

Nicholas Piramal India Ltd has announced that Wellspring, the chain of Pathology Laboratories and Diagnostic Centres promoted by Nicholas Piramal India Pvt Ltd (NPIL), has acquired the remaining 40 per cent stake in its joint venture with Dr Phadke´s Path Labs in Mumbai for a consideration of Rs 140 million. The entity thereafter will be renamed as Wellspring-Dr Avinash Phadke Pathlab and Diagnostics. This will make Wellspring India´s largest Pathology Laboratory chain.

Dr Avinash Phadke will now assume the responsibilities of Director Technical for Wellspring chain of laboratories.

Dr Swati Piramal, Director - Strategic Alliance and Communication, the Company states, "Wellspring-Dr Avinash Phadke Labs consists of a chain of ´new age´ path labs that hope to deliver, at every customer contact point, the highest standard of professionalism, technology and patient care. We aim to ensure people´s well-being and strive to make a difference in the quality of their lives. We are well equipped and committed to deliver an all-encompassing range of pathology and imaging services."

Source : Equity Bulls

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