Mumbai: Religare Wellness Ltd, formerly Fortis Healthworld Ltd, announced on Friday that it has acquired a controlling stake in Lifetime Healthcare Pvt. Ltd., which operates the LifeKen and Pill & Powder chain of health and wellness stores in South and West India. Mint had on 9 November reported that Religare, owned by Ranbaxy promoters, was close to buying LifeKen Medicines for at least Rs6 crore.
The acquisition, according to a Religare statement, will exploit the significant synergies from the scale of operations of the combined entity. “The entity shall also leverage the significant knowledge and understanding of the sector that exists in the two organizations, and shall also significantly benefit from the linkages with other businesses under the Religare umbrella,” the statement said.
It also quoted Religare Wellness chief executive Sanjeev Chaudhry as saying that “The shareholders of both Religare Wellness and Lifetime Healthcare believe the deal is a significant step in building of a large scale, pan-India entity that will lead the wellness retail sector in India.” According to Lifeken promoter Pranabh Mody, the promoters of LifeKen group have known the promoters of Religare for more than a decade now. “I am pretty certain that the experience of Religare Wellness Ltd. would help take our stores to altogether a next level. We look forward to seeing our original vision taking more concrete shape on the ground with Religare,” he said.