Malvinder and Shivinder Singh-promoted diagnostic chain Super Religare Laboratories will buy Ajay Piramal-owned Piramal Healthcare?s diagnostic chain for around Rs 600 crore.
?The announcement on the deal would be made shortly. It could even come tonight,? said a person in the know on Tuesday. Piramal Diagnostics has 124 diagnostic centres in 85 cities with over 400 sample collection centres, according to the information on its website. The diagnostic arm of Piramal Healthcare clocked annual revenue of around Rs 200 crore (FY 2010).
While reliable sources confirmed the signing of the deal to FE, there had been no announcement from the companies on the same till late in night. SRL currently has two clinical reference labs, 50 satellite labs and more than 1000 collection centres spread across 450 cities in India and overseas. Around one-and-a-month back, Piramal Healthcare sold its domestic formulation business to US-based Abbott Laboratories for $3.7 billion.
Piramal Healthcare would now concentrate on its contract research and manufacturing services, critical care and over-the-counter drugs businesses which fetches it revenues of around Rs 1700 crore. ?Our presence extends to national and international network of laboratories, including reference Laboratories, located in Mumbai, Delhi and Kolkatta and Dubai. We have added 10 laboratories in 2007-08, which is indicative of SRL’s ambitious plans. This momentum will be sustained in 2008-09,?an earlier statement of SRL had said.