Mayar Group to open 14 Medispa; invest Rs 400 cr by 2010

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New Delhi, Feb 10 (UNI) Diversified business conglomerate Mayar Group, plans to set up a chain of medical spa centres in the country with an investment of Rs 400 crore in the next three years and set up training institute in the NCR.

''We will open 14 medical spa centre under the brand name 'a+Medispa' across India and will invest Rs 400 crore,'' said Mayar Group Managing Director Abhit Sud.

The centres will be opened through the firm's wholly-owned subsidiary Mayar Health Resorts Limited (MHRL) and the first centre has been opened in the city in with an investment of about Rs 30 crore.

a+Medispa will have ayurvedic massage therapy, aesthetic medical skin care and other holistic beauty treatments to provide a complete health care solution to the customers, Mr Sud said.

The company is also looking at an inorganic growth in West Europe through acquisitions. It is looking for acquisitions in South East Asia, Europe and the US for its global expansions.

''Looking at our plans of expanding globally, we have signed a Memorandum of Understanding (MoU) with the Tourism Board of a country,'' Mr Sud told UNI but declined further details.

The training institute, the country's first Spa training and awareness academy, will be set up with an investment of Rs 50 crore and will be operational by the third quarter of 2009.

The project will run in collaboration with a US or Europe-based university, Mr Sud said.

The funds will be raised through internal accruals and equity partnership, he added.

''There is a huge opportunity available for trained professionals in the segment and it would be the first such step in the direction to provide quality training in the country,'' said Mayar Group CEO Naveen Gaur.

Mayar Group is a Rs 3,000 crore business house with interests in publications, forests, agriculture products and hospitality.

For domestic expansion, the company is looking at cities like Pune, Bangalore, Gugaon, Chandigarh, Hyderabad and Mumbai.

UNI SR PBB YA KP1145

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