Yash Birla group has decided to enter the domestic health and wellness market through a new company, Birla Wellness. The group has already formed a joint venture with leading hospital group Apollo Hospitals to enter the hospital segment.

The group plans to invest Rs 300 crore in the new segment. It’s close to picking up a controlling stake in Kerala Ayurvedic Health Spa, a leading ayurvedic therapy firm in south India. Birla Wellness would also form a joint venture with a leading Singapore-based health and wellness firm to bring high-end health and wellness products and programmes to the Indian market, sources close to development said.

Last year, the Yash Birla group had undertaken a restructuring programme to streamline its operations. It had then identified health and wellness as a new growth area and roped in consultancy firm Ernst and Young (E&Y) to outline a business plan. Currently, the group is operating in engineering, auto component, textile and power equipment segments. The group is also expanding its hospitals in Nashik and Pilani in Rajasthan while it would set up a over 14 spas across the country by the first quarter of next financial year under the name of new JV company.

Currently, the Indian health and wellness market, estimated at Rs 2,000 crore, is on a boom with a year-on-year growth of over 25%. According to analysts tracking the sector, the attitude and preferences of the Indian consumers are changing due to a rise in their disposable incomes, high consumption propensity and exposure to global trends. Big retail firms are offering wellness products such as medical and nutritional products, fitness equipment, consultation, eye testing, books, and audio video material on health and wellness under one roof.