Super Religare Labs, promoted by the Singh brothers, has acquired Dubai-based Mena Healthcare for $20 million. This is the group’s second acquisition after the promoter’s sold their stake in Ranbaxy Laboratories.
Super Religare Labs, formerly SRL Ranbaxy CEO Sanjeev Chaudhry told ET, “We have acquired Mena Healthcare facility in Dubai for $20 million. This is the company’s first overseas acquisition.” In August, Religare Wellnness, (formerly Fortis Healthworld) the pharma retail arm of the group acquired rival firm CRS Health.
Malvinder Singh, the joint promoter of the group had earlier said that the group would aggressively pursue expanding in the financial and healthcare services space — both through organic and inorganic route. It is learnt that Super Religare, Religare Wellness and Fortis Healthcare are all scouting for acquisitions in the healthcare space in the domestic market also. The rapid expansion of the group marks a distinct change in the company’s business strategy. Religare has rechristened all its group companies, except Fortis Healthcare, under the Religare brand.
Mena Healthcare has a reference laboratory in the Dubai Healthcare city, an ambitious healthcare project jointly undertaken by the UAE government and Harvard Medical School. In addition, Mena Healthcare has four network laboratories across UAE.
“The acquisition will enable Super Religare to expand it footprint globally,” Mr Chaudhry added. The company plans to establish its presence in Europe and South East Asia by setting up reference laboratories. It is also looking for outsourcing opportunities in Africa and North America, among others.
According industry experts, this is the most appropriate time for India Inc to go in for acquisition and expand its operation. “Companies across sectors are evaluating options to scale up investment activities in India and globally. Valuations are extremely attractive now and are down by almost two-thirds globally, “ said a source. The promoters who recently sold their stake in India’s largest drug company Ranbaxy has a cash reserve of Rs 10,000 crore.
Source: Economic Times