Piramal Healthcare Sells Diagnostic Arm To Srl For Rs 600 Crore

Piramal Healthcare Sells Diagnostic Arm To Srl For Rs 600 CrorePiramal Healthcare Ltd announced that it has inked a definitive contract with Super Religare Laboratories Ltd (SRL) with the aim to sell its division Piramal Diagnostic Services Pvt Ltd (PDSL) to SRL.

According to reports, the deal is expected to be valued around Rs 600 crore.

Piramal Diagnostic Services Pvt Ltd offers up pathology and radiology diagnostic services via a broad network of 107 labs.

In FY'10, the company had reported revenues worth Rs 200 crore.

Out of the Rs 600 crore, Piramal will get Rs 300 crore on deal closure.

The remaining amount will be paid over a period of 3 years, a company statement said.

After the deal, Super Religare would own around 170 laboratories and 1,500 collection centres serving approximately 12 million clients annually.

Piramal Group Chairman Ajay Piramal said, "We feel it is the right time to take the business to the next level and this development will give it the scale and size to serve a much larger base of Indian customers."

The statement said that Piramal would continue to be involved in the business by way of representation on SRL's board of directors and its executive committee. (With Inputs from Agencies)