Piramal Healthcare on Wednesday said it will sell its diagnostic unit to Super Religare Laboratories (SRL), promoted by billionaire brothers Shivinder and Malvinder Singh, for Rs 600 crore.
Piramal Healthcare and SRL have entered into an agreement for SRL to acquire Piramal Diagnostics Services Ltd (PDSL), Piramal said in a filing to the Bombay Stock Exchange.
SRL will become the country’s largest diagnostics services provider by acquiring PDSL's network of 107 laboratories, with an FY'10 revenue of over Rs 200 crore.
"This combination creates one of the largest and best in class service providers not just in India but also in Asia, given our existing presence and relationships in the Middle East and SAARC countries," SRL Promoter Shivinder Mohan Singh said.
Piramal will receive Rs 300 crore on closing of the deal and the balance over a period of three years.