Stem cell bank major LifeCell International on Thursday said its subsidiary Fetomed Laboratories will be merged with itself by the end of this year following acquisition of its entire stake.
In a statement, LifeCell International said it is acquiring the remaining 20 per cent stake in Fetomed Laboratories offering prenatal tests form routine screening to advanced genetic tests for expectant mothers.
LifeCell International acquired controlling stake in Fetomed in 2016.
"Acquiring the complete ownership stake in Fetomed reaffirms LifeCell's commitment to further building on mother and baby diagnostic services that strongly complement our stem cell banking business," Mayur Abhaya, Managing Director of LifeCell International, said in the statement.
"India has the largest number of babies born with chromosomal disorders in the world, making it extremely critical to detect any abnormalities at an early stage. Integration of operations supports LifeCell's plans for growth with a vision to become largest mother and baby preventive healthcare organisation," he added.
LifeCell Internationl is also working towards consolidation of its business divisions for a better nexus between them and the formal brand and divisional architecture is expected to be announced soon, the statement said.
--IANS
vj/nir
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)