SRL Diagnostics acquires Lifeline Laboratory
1 min read . Updated: 11 Apr 2023, 08:41 AM IST
Premium- Wodehouse Capital was the exclusive financial advisor to Lifeline Laboratory. Law firm Khaitan & Co. served as the legal advisor to the sellers.
SRL Diagnostics, a subsidiary of Fortis Healthcare, a Mumbai-listed hospital chain, has acquired Lifeline Laboratory in order to expand its presence in the Indian pathology market.
The acquisition of Lifeline, which is located in the National Capital Region, is expected to accelerate SRL's growth and expand its geographic reach, as stated in a company statement.
The acquisition of Lifeline Laboratory by SRL Diagnostics is in line with its strategy to expand its presence in key regions like Delhi, Mumbai, Uttar Pradesh, Andhra Pradesh, and Telangana.
The company noted that in the highly fragmented diagnostics market in India, SRL Diagnostics faces competition from Mumbai-listed companies like Metropolis Healthcare Ltd, Dr Lal PathLabs Ltd, Thyrocare Technologies Ltd, as well as standalone pathology labs.
"I am confident that Lifeline shall have a wider market reach and recall in an otherwise crowded segment," said Angeli Misra, Partner, Lifeline Laboratory.
The release further noted that with over 400 labs and over 9,000 collection centres, SRL offers over 3,500 different tests in pathology, radiology, wellness, occupational health, and clinical trials and conducts more than 100,000 tests a day, it said in a press note.
“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.
Wodehouse Capital was the exclusive financial advisor to Lifeline Laboratory. Law firm Khaitan & Co. served as the legal advisor to the sellers.