Piramal Healthcare Ltd said it has signed a definitive agreement with Super Religare Laboratories Ltd (SRLL) to acquire Piramal Diagnostic Services Ltd (PDSL), a subsidiary of Piramal. This deal is valued at Rs600 crore.
Piramal will receive Rs300 crore on closing and the balance amount over three years.
PDSL provides pathology and radiology diagnostic services through a network of 107 laboratories with financial year 2009-10 revenues of over Rs200 crore. As a result, SRLL will have the largest network of pathology and radiology centres and will become the undisputed leader in the diagnostic services industry in the country. Piramal will continue to be involved in the business, including by way of representation on the board of directors and the executive committee of SRLL.
The combined entity will have nearly 170 laboratories and 1,500 collection centres and will serve more than 12 million customers annually.
On Wednesday, Piramal Healthcare shares gained 2.2% to Rs521 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.1% up at 18,666 points.
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