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Piramal Enterprises sells Piramal Imaging to UK firm
Photo Credit: Shah Junaid/VCCircle

Billionaire Ajay Piramal-led Piramal Enterprises Ltd has sold its entire stake in Piramal Imaging SA to the UK-based medical imaging services provider Alliance Medical Acquisitionco Ltd.

The sale was done at a base consideration of $1 plus about $1.18 million toward working capital adjustment on completion of the sale, Piramal said in a stock market disclosure.

The transaction also involves deferred consideration that will be subject to future profits of the company, it added.

Piramal Imaging, a step-down subsidiary of Piramal Enterprises, reported revenue from operations of Rs 127.48 crore in the fiscal year ended 31 March 2018.

Piramal Imaging was formed in 2012 with the acquisition of the molecular imaging research and development portfolio of Bayer Pharma AG. The company is aimed at development and global commercialization of innovative molecular imaging agents that improve early detection and characterization of chronic and life-threatening diseases.

Piramal Enterprises is a diversified conglomerate with a presence in pharmaceuticals, healthcare information management and financial services.

The company’s pharmaceutical business' revenue increased 11% to Rs 4,322 crore in the fiscal year ended 31 March 2018 from Rs 3,893 crore the previous year, according to a company presentation on its website. Revenue from the healthcare and analytics business fell a tad to Rs 1,209 crore from Rs 1,222 crore.

Its financial services business grew 48.6% to Rs 4,982 crore from Rs 3,352 crore.

Shares of the company on Tuesday were trading at Rs 2,536.55 apiece, up 0.28% on the BSE in afternoon trade in a flat Mumbai market.

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