Metropolis Healthcare wraps up acquisition of Hitech Diagnostic Centre
Metropolis Healthcare, an Indian diagnostic service provider, has wrapped up the previously announced INR 636 crores acquisition of Dr. Ganesan’s Hitech Diagnostic Centre along with its subsidiary Centralab Healthcare Services.
The acquisition was funded by Metropolis Healthcare via internal accruals and debt of INR 300 crores.
Dr. SP Ganesan, who is the promoter and founder of Dr. Ganesan’s Hitech Diagnostic Centre, will be part of the company’s leadership team for the next few years to facilitate a seamless transition and integration with Metropolis Healthcare.
Dr. SP Ganesan said: “I am very pleased to be joining the MHL family and believe there is a big opportunity to serve the people and grow Hitech under MHL umbrella. We share similar business ethos as Metropolis with focus on quality, accuracy, and highest level of customer service.”
Founded in 1986, Hitech Diagnostic Centre is a diagnostics lab chain that has operations in South India.
The deal gives Metropolis Healthcare access to 31 laboratories including three NABL and ICMR accredited laboratories along with 68 collection centres of Hitech Diagnostic Centre.
Ameera Shah — Managing Director of Metropolis Healthcare said: “In line with our growth strategy, this acquisition will enable Metropolis to gain market share, strengthen our leadership position in South India market and increase the B2C share of the business. This acquisition will also enable Metropolis to cater to mid segment of the market and leverage scale benefits.
“Our M&A strategy revolves around acquiring high-quality, profitable B2C businesses with a scientific approach to diagnostics. We will continue to evaluate such high-quality profitable and scalable opportunities and take a pragmatic view on M&A.”