Super Religare – India’s top medical diagnostic company

Super Religare – India’s top medical diagnostic company

Super Religare – India’s top medical diagnostic company

Super Religare – India’s top medical diagnostic company


Attracting attention

Super Religare Laboratories Ltd (SRL) is attracting attention of late. A private equity fund Avigo Capital Partners picked up 9.27% stake in the company through its Mauritius investment branch Avigo PE Investments Ltd (Mauritius). The deal involved an amount of Rs.100 crore at a price of Rs.134.85 per share. 79998989 shares changed hands. This was interpreted as a pre-IPO placement. Super Religare has already filed a draft document with SEBI in February this year providing for 10% of post-issue paid-up capital amounting to 80 lakh shares. At the end of last year, Super Religare had a network of 7 centres of excellence, 8 reference laboratories, 15 wellness centres, 181 network laboratories and 888 collection centres.

Ranbaxy background

Another private equity firm Sabre Partners stated in May that it will invest Rs.50 crore in Super Religare through its Spring Healthcare Fund. Super Religare is a well established name in the medical diagnostics field. Super Religare is managed by Malvinder Singh’s family – the same family which runs Fortis Healthcare. Malvinder Singh and his brother jointly managed Ranbaxy previously before it was sold out to the Japanese major Daichi. Fortis Healthcare’s Board has already approved acquisition of 86% stake in Super Religare. The draft filed by Super Religare with SEBI was for issue of 28 million shares to the public and financial institutions.

Rs.100 crore investment

Super Religare planned to invest Rs.100 crore to add laboratories in 2011. Dr Sanjeev K Chaudhury is the CEO of Super Religare. The company had planned to end 2011 with 220 laboratories. The company acquired Piramal Healthcare’s diagnostic business at an investment cost of Rs.600 crore. After this acquisition, Super Religare became the largest diagnostic company in India. Super Religare wants to spread its wings abroad. It has opened its ambition with a branch in Nepal. The company is also looking forward to expand in other SAARC countries and in Africa.

Bright future

What could be the next move of Super Religare? A big public issue followed by acquisitions in India and abroad could be a fitting outcome keeping in tune with the stature of the company. As it has the experienced management of ex-Ranbaxy head, the company needs to worry about nothing in its onward march.

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