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Our Bureau

New Delhi , Aug. 5

METROPOLIS Health Services, a diagnostics company, has acquired Gribbles Pathnet India Pvt Ltd - a joint venture between Australian healthcare company Gribbles of Healthscope Ltd and Dr Reddy's Ltd.

While the company did not divulge the value of the deal, Metropolis said that this would enable the company to consolidate its presence in northern India. The company had last year forged an alliance with DCA Diagnostic Centre in New Delhi that was later called DCA Metropolis. "Pathnet is perfect fit in the growth strategy of Metropolis and will be merged with DCA Metropolis," said Dr G.S.K. Velu, Managing Director, Metropolis Health Services.

Mr David Thompson, erstwhile Managing Director of Pathnet, said that the decision to sell the business was part of the Australian parent company's strategy to exit the country.

Elaborating on the future plans of Metropolis, Mr Sushil Shah, Chairman, Metropolis, said, "The company is planning to set up new centres in Kolkata, Hyderabad and Pune. We are also planning to enhance our presence in some overseas markets such as Sri Lanka and West Asia. We are also planning to get into clinical trials in a big way."

Metropolis has lined up expansion of Rs 50-60 crore in the next two years. Of this, it is planning to raise Rs 25 crore through an equity placement with a private fund. "We are in talks with some private equity funds and hope to make an announcement next month," said Dr Velu.

The company will offload 10-15 per cent equity in the company depending on the valuation. It has not ruled out the possibility of an initial public offering at a later stage.

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