In a deal that will make them the largest laboratory services provider in India, Super Religare Laboratories agreed to buy Mumbai-based Piramal Diagnostic for 6 billion rupees ($129 million). The united company will serve more than 12 million customers with its 170 labs, Bloomberg notes. Piramal brings a larger focus on medical imaging to Super Religare, which had previously set its sights on pathology services.
"This combination will go a long way in changing the diagnostic services landscape of not just India but also the Asia region," says Ajay Piramal, chairman of Piramal, in a statement. Piramal believes India's diagnostic market will grow from an estimated worth of 120 billion rupees today by as much as 24 percent annually. The company's stock fell slightly, by 1.5 percent, after the announcement.