VLCC Group is in talks with Miami-based Pritikin Longevity Centre & Spa to set up medical spas in India and neighbouring countries. The New Delhi-based company has initiated talks for a Rs 300-crore joint venture with Pritikin.
VLCC will hold 60 per cent stake in the new venture, VLCC Pritikin Longevity, to be headquartered in New Delhi, with Pritikin holding the rest.
The Pritikin centre in Miami was set up in 1976 by late nutritionist and longevity research pioneer Nathan Pritikin, known for the Pritikin Program for diet and exercise. It has annual revenue of $250 million.
VLCC Pritikin Longevity will open medical spas in major metros starting with Delhi, Mumbai, Chennai and Bangalore. It will also tap neighbouring countries such as Sri Lanka and Bangladesh.
Even though the Indian wellness market is just a fraction of the $60-billion worldwide wellness industry, the business of spas in the country is witnessing significant growth, as per industry estimates.
According to a recent study by industry association FICCI, the Indian wellness industry is worth Rs 1,500 crore and growing at an annual rate of 20 per cent.