Yash Birla Group company Birla Wellness and Healthcare has upped its stake in its two joint ventures — Birla Kerala Vaidyasala and Evolve Med Spa. While it has bought the remaining stake held by the partner in Birla Kerala Vaidyasala, its equity has gone up to 83 per cent in Evolve Med Spa from 50 per cent.
In Evolve Med Spa, Birla Wellness had a 50:50 joint venture with Singapore-based hospital group Pacific Healthcare Holding. Since 2008, the JV has been opening ‘one-stop makeover shops’ named ‘Evolve’ which offers beauty solutions involving cosmetic dermatology, plastic surgery and cosmetic dentistry.
The JV has 10 centres in top cities and as Birla Wellness has been pumping in money for expansion, its stake has gone up in the JV to 83 per cent. Though a minority stakeholder, Pacific Healthcare still extends its support in terms of medical expertise, said N Venkat, MD and CEO of Birla Wellness and Healthcare.
In the other JV Birla Wellness had with Kerala-based traditional ayurvedic therapy chain Kerala Vaidyasala, the former had acquired 51 per cent stake in the promoter family in 2008. Birla group has recently bought the remaining stake from the Vaidyasala family in a cash-less land deal. Post the buyout, Birla Wellness plans to use franchising to expand the network of ayurvedic clinics cum spa within the country and in West Asia. It also proposes to set up an ayurvedic hospital in south India.
Under the third vertical Birla Life Science and Research, the company is expanding ‘Rebirth’ retail stores which have personal care, ayurvedic products and health foods under four brands. The company will also take its store brand ‘Nutrinext’ out to other multi-brand stores. “A few more health supplements will be launched under Nutrinext before taking them to other retail stores,” said Venkat.
Source : Financial Chronicle