Piramal Healthcare today said it has completed the Rs 600-crore deal to sell its diagnostics arm, Piramal Diagonstic Services Pvt Ltd (PDSPL), to Super Religare Laboratories Ltd (SRL).
"The company has now completed the divestiture of its shareholding in PDSPL to SRL," Piramal Healthcare said in a filing to the Bombay Stock Exchange.
Piramal Healthcare announced the deal to sell its diagnostics chain for Rs 600 crore in July. It was supposed to receive Rs 300 crore on closing of the deal and the balance over a period of three years.
The deal followed Piramal's selling of its domestic solutions business for $3.72 billion (about Rs 18,000 crore) to US-based Abbott in May.
As part of the Abbott deal, Piramal had agreed not to engage in generic pharmaceutical business in India for the next eight years.
For SRL, the deal will make it the country's largest diagnostic services provider by acquiring PDSL's network of 107 laboratories, with FY'10 revenue of over Rs 200 crore.
