Fortis Subsidiary SRL Diagnostics Acquires Lifeline Laboratory
SRL Diagnostics, a subsidiary of Fortis Healthcare, a Mumbai-based hospital chain, has acquired Lifeline Laboratory to strengthen its position in the Indian pathology market.
SRL Diagnostics' acquisition of Lifeline Laboratory is consistent with the company's strategy of expanding its presence in key markets such as Delhi, Mumbai, Uttar Pradesh, Andhra Pradesh, and Telangana.
SRL Diagnostics noted that it competes with Mumbai-listed companies such as Metropolis Healthcare Ltd, Dr Lal PathLabs Ltd, Thyrocare Technologies Ltd, and standalone pathology labs in India's highly fragmented diagnostics market.
"I am confident that Lifeline will have a broader market reach and recall in an otherwise crowded segment," said Angeli Misra, Lifeline Laboratory Partner.
SRL, which has over 400 labs and over 9,000 collection centers, offers over 3,500 different tests in pathology, radiology, wellness, occupational health, and clinical trials and conducts more than 100,000 tests per day, according to the press release.
“Lifeline will benefit tremendously from SRL’s industry-leading distribution network and operational efficiencies while SRL gets an incredible NCR-focused brand that stands for quality and service. At Wodehouse, we always focus on ensuring that the partnership is a good fit and augurs well for the partners in the long term. We are confident that the SRL – Lifeline transaction will be a huge win-win," said Manmohan Tiwana, Managing Director and CEO, Wodehouse Capital.
Lifeline Laboratory's sole financial advisor was Wodehouse Capital. The sellers were represented by the law firm Khaitan & Co.