New Delhi, Dec 9 (PTI) Diagnostics chain Metropolis Healthcare on Monday announced that it will acquire Core Diagnostics for Rs 247 crore.

The company’s board of directors has approved the acquisition of 100 per cent stake in Core Diagnostics from its existing shareholder Core Diagnostics (Mauritius) Pvt Ltd, Metropolis Healthcare said in a regulatory filing.

Following the completion of the acquisition, Core Diagnostics will become a wholly owned subsidiary of the company, it added.

“This strategic acquisition will enhance Metropolis Healthcare’s advanced cancer testing capabilities and strengthen its presence in North and East India,” the diagnostic chain said.

By leveraging Core Diagnostics’ strong relationships with leading cancer specialists and hospitals in these regions, Metropolis aims to expand its market reach and specialty testing offerings, he added.

“With approximately 1.4 million new cases of cancer and nearly one million deaths each year in India, there is a critical need for advanced cancer testing nationwide. By integrating Core’s expertise and infrastructure with Metropolis’ established strengths, we aim to strengthen our leadership in advanced cancer testing. ” said Ameera Shah, Promoter of Metropolis Healthcare and Executive Chairman.

Founded in 2012, Core Diagnostics operates across 200 cities in India.

“With Metropolis’ reach and expertise, we are ready to take a big step forward, touching more lives and making a lasting difference in healthcare,” said Dinesh Chauhan, CEO of Core Diagnostics.

Shares of Metropolis Healthcare on Monday ended 2.39 per cent higher at Rs 2,187 a piece on the BSE.