PRESS RELEASE

Dr. L H Hiranandani Hospital outsources its Radiology Department to Nicholas Piramal (I) Ltd subsidiary Wellspring.

Mumbai, 15 January 2008: In keeping with its objective and mission of making a difference to the quality of life by reducing the burden of disease, Nicholas Piramal India Limited (NPIL)’s subsidiary Wellspring is partnering with Dr L H Hiranandani Hospital. This partnership entails the complete outsourcing of the Radiology Department at Dr L H Hiranandani Hospital to Wellspring.

Dr L H Hiranandani Hospital is a 130-bedded, state-of-the-art tertiary at quaternary care hospital. It has recently been accorded NABA accreditation, the only hospital in Mumbai and the western region of India to have received this distinction. The hospital has centers of excellence in Interventional Cardiology, Orthopaedics, Minimal Access Surgery, Bariatric Surgery, Human Reproduction and Aesthetic Surgery. Talks are on with pre-eminent healthcare groups in the country to plan for more hospitals in the future.

Wellspring is the largest provider of diagnostic services in India and currently has 85 centres spread across 57 locations. It is also the only player that offers end-to-end diagnostic solutions, covering the full range of radiology and pathology tests.

As per the agreement, Wellspring will install a state-of-the-art 1.5 Tesla MRI machine costing over Rs 5 crore and the first of its kind in the area in Dr L H Hiranandani Hospital, and will operate the existing Radiology facilities within Dr L H Hiranandani Hospital, including digital X-ray and ultrasound.

Wellspring has already been entrusted with the diagnostics facilities of many renowned hospitals, such as Guru Nanak, Lok and Bhakti Vedant in Mumbai; Jeewanmala and Ashlok in Delhi; Mittal in Ajmer and Shanti Nursing Home and Shanbag Nursing Home in Bangalore. It has also entered into a long-term agreement with the Madhya Pradesh Government to establish and run the CT and MRI facilities in Maharaja Yeshwant Rao Hospital in Indore, which are now running successfully.

The partnership between NPIL and Dr L H Hiranandani Hospital was sealed during an interaction between Mr Ajay Piramal, Chairman, NPIL, and Mr Niranjan L. Hiranandani, MD, Hiranandani Group of Companies, and Chief Managing Trustee of Dr L H Hiranandani Hospital at the NPIL headquarters in Mumbai today. Mr. Piramal stated, “The joining together of two of the best and foremost names in our respective industries is certain to make a real difference to the lives of ailing patients: we are wholly committed to the amelioration of facilities and services that provide appreciable benefits to customers.”

NPIL’s investment in this undertaking is pegged at around Rs. 10 crores.

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