VLCC PRITIKIN IN JV TALKS
VLCC Group is in talks with Miami-based Pritikin Longevity Centre & Spa to set up medical spas in India and neighbouring countries
January 15, 2010 | comments ( 0 ) |
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.
- CCI gives nod to Samara Capital-Amazon's joint bid to buy More
- SoftBank eyes 40% stake in FirstCry for $400 million
- Vivo India launches 'Vivo Xchange' program in partnership with Cashify.in
- Milkbasket expands operations to Bengaluru
- Manyavar launches another store in Punjab
- Ola raises Rs 150 crore from Flipkart's Co-Founder Sachin Bansal
- Ananth Narayanan steps down as Myntra Jabong CEO
- DailyNinja celebrates 15 million orders fulfilled
- John Jacobs looks to garner Rs 500 crore revenue by March 2021
- The Body Shop plans to launch 20 more stores in 2019