Fortis to buy 86% in Super Religare Laboratories

15 Apr 2011 Evaluate

Fortis Healthcare to buy 86% stake in diagnostic services firm Super Religare Laboratories (SRL) for an undisclosed sum in a bid to expand its business verticals. Both Fortis and Religare are controlled by billionaire brothers Malvinder and Shivinder Singh, but are different companies in the healthcare business. The Singh brothers own 86% of SRL equity.

SRL also plans to raise Rs 160 crore via a pre-IPO private placement of 8 million shares. SRL, which acquired diagnostics business of Piramal Healthcare for Rs 600 crore last year, was founded in 1996 and has a global presence with operations in United Arab Emirates, Oman, Qatar, Kuwait, Bahrain, Sri Lanka, Bangladesh, Nepal, the Maldives, Tanzania and Zambia.crackcrack

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