Adani Group, Apollo to acquire a majority stake in Metropolis

Billionaire Gautam Adani and India's largest hospital operator, Apollo Hospitals Enterprise Limited, are seeking control of a majority stake in Metropolis Healthcare Limited, according to media reports.

The deal between Adani and Apollo's Metropolis could be worth at least $1 billion equivalent to Rs 7,765 crore, given the market capitalization of the diagnostic chain and its business.

This shows that Adani Group, one of India's largest conglomerates, announced its entry into the healthcare sector last month and plans to acquire major hospitals and diagnostic assets. Adani Enterprises announced in May that it has established a wholly-owned subsidiary, Adani Health Ventures (AHVL), for this purpose.

Over the last eight years, the Adani Group has acquired 30 different companies in various sectors such as electricity, green energy, infrastructure, airports, and food processing. Metropolis Healthcare Ltd started as a mere laboratory in the 1980s. The diagnostic chain currently operates in 19 states across the country.