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SRL to buy Piramal Diagnostics for Rs. 600 crore

Special Correspondent

MUMBAI: Piramal Healthcare Ltd. (PHL), one of India's largest pharmaceutical and healthcare companies, and Super Religare Laboratories (SRL) signed a definitive agreement for SRL to acquire Piramal Diagnostic Services Private Ltd (PDSL), a subsidiary of Piramal, for Rs. 600 crore.

PDSL provides pathology and radiology diagnostic services through a network of 107 laboratories. Piramal will continue to be involved in the business, including by way of representation on the board and the executive committee of SRL.

According to a company statement, post-acquisition, the combined entity will have nearly 170 laboratories and 1,500 collection centres.

Less than two months ago, Piramal Healthcare had sold its domestic formulations (healthcare solutions) business to Abbott Laboratories of the U.S. for Rs. 17,500 crore. After the sale of PDSL, the business retained by PHL includes custom manufacturing for third parties, critical care (including inhalation anaesthetics), over-the-counter consumer products (like i-pill, Lacto Calamine and Saridon), manufacture and supply of active pharmaceutical ingredients, vitamin and fine chemicals, diagnostic medical devices and equipment. PHL will continue to pursue novel drug discovery and research through affiliate company, Piramal Life Sciences.

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