Corporate Updates

Piramal Diagnostic eyeing acquisitions

Aiming to tap the booming healthcare sector, Piramal Healthcare’s (formerly Nicholas Piramal) diagnostic division, Piramal Diagnostic Services (formerly Wellspring), is in talks with 15 diagnostic centres for acquisition.

Piramal Diagnostic Services president & business head Girish Mehta said, “The company acquired 40 diagnostic centres in the last five years. We are aggressively pursuing our expansion plans and have earmarked INR 250 for expansion over the next three years.

By 2010, we would have a centre in every city that has a population of over a million.” The company is in various stages of talks with 15 diagnostic centres – standalone and small chains – and hopes to seal most of them by the year end.

The company would fund the expansion through internal funds and borrowings from its parent company, Mr Mehta added. At present, the company has 90 pathology centres across 67 locations in the country -90% of which have come through acquisition. The company expects to post a turnover of INR 500 crore by 2011 from INR 150 crore.


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