Metropolis Healthcare Limited, a leading pathology laboratory chain, has announced its acquisition of Delhi NCR-based Core Diagnostics. Spearheaded by Ameera Shah, the move aims to bolster Metropolis’ advanced cancer testing capabilities, strengthen its presence in Northern and Eastern India, and enhance its position in the specialized diagnostics market.
As reported by Economic Times, the acquisition involves a 100% stake in Core Diagnostics through a mix of cash and equity. Metropolis will fund 55% of the transaction in cash and 45% via an equity swap, amounting to INR 246.8 crores. Core Diagnostics, which reported revenue of INR 110 crores in FY 2023-24, will become part of Metropolis within 60 days, pending shareholder approval for the equity issuance.
Commenting on the acquisition, Ameera Shah, Promoter and Executive Chairperson of Metropolis Healthcare, said, “The Indian oncology market, growing at a projected CAGR of 17.5% from 2023 to 2028, presents a significant opportunity. With around 1.4 million new cancer cases and nearly a million deaths annually in India, there is a pressing need for advanced cancer testing. This acquisition enables Metropolis to provide world-class diagnostics to Indian patients.”
Surendran Chemmenkotil, CEO of Metropolis Healthcare, highlighted the strategic benefits of the deal, stating, “With Core’s strong presence in Northern and Eastern India, this acquisition allows us to collaborate with leading hospitals in these regions, cross-sell our broad range of tests, and bring Core’s advanced cancer testing to our customers. This integration reinforces our commitment to meeting diverse healthcare needs while expanding our footprint.”
Dinesh Chauhan, CEO of Core Diagnostics, reflected on the partnership, saying, “Joining the Metropolis family marks an exciting new chapter. Since its founding in 2012 by Zoya Brar, Core Diagnostics has been dedicated to advancing cancer testing, and this collaboration strengthens our shared mission of delivering hope and cutting-edge healthcare solutions.”