SRL buys Piramal Diagnostics for Rs 600 crore
Diagnostic chain Super Religare Laboratories (SRL) has bought out Piramal Healthcare’s diagnostic chain Piramal Diagnostics for Rs 600 crore, reports CNBC-TV18 quoting sources. The announcement is expected shortly.
Sources close to the development say that Piramal will retain one board position in Malvinder Singh promoted SRL. The deal is valued at approximately three times sales. Piramal’s value is at around Rs 600 Crore. Piramal Diagnostics operates 124 diagnostic centres in 85 cities with over 400 sample collection centres, as per its website.
Piramal Healthcare has sold its domestic formulation business to US-based Abbott Laboratories for USD 3.7 billion last month.
Source :- Moneycontrol
