Wellspring buys out Phadke's Path Labs

Wellspring, the chain of pathology laboratories and diagnostic centres promoted by Nicholas Piramal India (NPIL), has acquired the remaining 40 per cent stake in its joint venture with Dr Phadke's Path Labs in Mumbai.

The new entity will now be renamed as Wellspring-Dr Avinash Phadke Pathlab and Diagnostics. This will make Wellspring India's largest pathology laboratory chain with 70 process centres in 35 cities.Wellspring acquired the remaining 40 per cent in the JV at an approximate valuation of Rs 14 crore.

Following the acquisition, Avinash Phadke will now assume the responsibilities of director (technical) for Wellspring chain of laboratories.

Swati Piramal, director - strategic alliance and communication, NPIL, said, "Wellspring-Dr Avinash Phadke Labs consists of a chain of "new age" path labs. We aim to ensure people's well-being. We are equipped to deliver an all-encompassing range of pathology and imaging services."

"The deal will streamline our operations and expand our offerings into areas such as radiology, cardiology, clinical trials and industrial pathology," Avinash Phadke said.

Wellspring-Dr Avinash Phadke Path Labs had recently received the NABL accreditation for immunology, histopathology, genetic testing, microbiology, biochemistry and haematology on the basis of international quality control programmes, technical evaluation and ISO 15189 guidelines.

Phadke's Path Labs is also known for specialisation in infertility testing. It is associated with most of the IVF centers all over the country, doing extensive pathology testing and genetic testing for all the centers. Wellspring - Dr Avinash Phadke's Pathology Labs offers more than 1000 tests in the above areas.

In Mumbai, Wellspring - Dr. Avinash Phadke has over 20 satellite labs has a well qualified and experienced doctors heading it which brings the personal touch to the whole service.

Many reputed PSUs such as Air India, ONGC, Bombay Port Trust, many hospitals and private companies are associated with the Wellspring group in Mumbai and all over India for their healthcare needs.