Gautam Adani, the head of the Adani Group and the second richest person in the country, is trying to buy a stake in Metropolis Healthcare soon. A report by business news website Mint claimed that Adani and Apollo Group are in talks to buy Metropolis and the deal could be worth around $1 billion.
Last month, Adani Enterprises, the flagship company of the Adani Group, informed the stock exchange that the group plans to acquire hospitals and diagnostics on a large scale. For this, a subsidiary company Adani Health Ventures was formed under Adani Enterprises. At the same time, there are also reports that Adani Group is going to spend $ 4 billion to establish a foothold in this business.
The report said that the Adani Group is working on a detailed plan to enter the business of online and offline medicines, not only in hospitals and diagnostics.
Metropolis Healthcare Limited was started in the 1980s as just a lab. The diagnostic chain is currently functioning in 19 states across the country.
The pathology chain received its first funding of Rs 35 crore from ICICI Venture in 2005. Later, PE firm ‘Warburg Pincus’ invested $85 million in the company, following which ICICI Venture exited the company.
Significantly, on 15 May 2022, Adani Group bought India’s cement business from Switzerland’s Holcim Group for $10.5 billion (81,000 crore). This was the largest acquisition ever in India’s infrastructure and materials sector. After this Adani Group has got control of the country’s famous cement companies Ambuja and ACC. At present the Adani Group is the second largest cement producer in the country with a production capacity of 66 million tonnes per annum.
Over the past 8 years, the Adani Group has acquired over 30 companies in various sectors including power, green energy, infrastructure, airports and food processing.