Super Religare Laboratories plans IPO in 2011

Fortis Healthcare plans to launch an initial public offer (IPO) for its diagnostics business unit, Super Religare Laboratories (SRL), in the next calendar year (2011), a top company official said today, reports agency source.



SRL had acquired the diagnostics business of Piramal Healthcare for Rs 6 billion in the first quarter of this fiscal.

``We have decided to list our diagnostics business unit Super Religare Laboratories in the next calendar year,`` Fortis Chairman Malvinder Singh told reporters on the sidelines of the inauguration of the Fortis Cancer Institute at Mulund.

This is the second cancer institute launched by the Fortis group after its NCR facility.

The company has not fixed any timeframe for the secondary listing of the Fortis Healthcare (Q,N,C,F)* Group on the Singapore stock exchange, he said, adding it was on the lookout for inorganic growth opportunities in both domestic and Asian markets.

Shares of the company gained Rs 3.7, or 2.43%, to settle at Rs 156.20. The total volume of shares traded was 134,085 at the BSE (Wednesd