Business

Neuberg close to acquiring labs in Mumbai

Having acquired majority stake in Pune-based AG Diagnostics, Neuberg Diagnostics Ltd. has chalked out plans to acquire two or more pathological labs in Mumbai to foray into Maharashtra.

The company has plans to invest about ₹100 crore for the foray into the State.

“We will launch operations in Mumbai in April 2020. We want to be a significant player in Maharashtra,” GSK Velu, chairman & managing director, Neuberg Diagnostics Ltd. said in an interview.

“In Mumbai, we are looking for a couple of partnerships which will provide us with a solid base. We plan to have more than ₹100 crore revenue from Maharashtra in the next financial year,” he said.

This year, the company plans to close with a revenue of ₹500 crore which is expected to go up to ₹650-₹700 crore next year, Dr. Velu said.

He said for this year the main focus of the company would be to complete the expansion into Maharashtra. Then, it would set up labs in east and morth India.

“We will do both inorganic and organic expansion in Maharashtra. We will set up a central lab in Mumbai which will cater to Maharashtra,” he said.

“Firstly the company wants to consolidate in Southern and Western part of India and will then have some basic presence in Northern and Eastern India. After that it will expand in Africa and Middle East,” he said.

Currently, the company has operations in South Africa and in 2020 it is planning to start labs in Kenya, Tanzania and Uganda, Nigeria, and Ethiopia.

“We think we will be a very significant player in Southern and Western part of India but have network across India. And we will have a solid footing in international business mainly in middle East and Africa,” he said.

Apart from focus on geographical expansion, the company’s main focus would be on new generation techniques which is precision diagnostics for personal medicine.

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Printable version | Apr 2, 2020 4:13:16 PM | https://www.thehindu.com/business/neuberg-close-to-acquiring-labs-in-mumbai/article30863860.ece

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