Diagnostics major Neuberg Diagnostics has successfully acquired Mumbai-based NM Medical as part of its strategic expansion, with the deal valued at around ₹800-850 crore, according to reports from VCCircle. The Mumbai-based diagnostics company has revenue of around ₹200 crore and brings four decades of expertise in radiology, cardiology and preventive wellness to the consolidation. In an interaction with Moneycontrol, Dr GSK Velu, founder, chairman and managing director of Neuberg Diagnostics, confirmed the deal includes a share allotment component but declined to elaborate further, citing the company's ongoing IPO preparations.
The acquisition comes as Neuberg prepares for a potential public listing next year, with the company expected to file its draft red herring prospectus (DRHP) in the next few months, subject to regulatory approvals. Neuberg reported revenue of more than ₹1,400 crore in FY26, significantly higher than the combined Maharashtra operations' projected ₹500 crore revenue this year. The consolidation positions the company for enhanced market presence ahead of its planned public market debut.
The merged entity will be chaired by Dr Nilesh Shah, chairman of NM Medical, while Rahil Shah will serve as CEO for Maharashtra, preventive wellness and Africa operations for the group. The consolidated network could comprise around 50 integrated diagnostic centres, about 100 laboratories and 300-400 collection centres across Maharashtra, providing comprehensive diagnostic services throughout the state. Patients will gain access to routine diagnostics, specialised testing, advanced imaging and preventive wellness services through an expanding network.
The transaction brings together NM Medical's expertise in advanced radiology, cardiology and preventive wellness with Neuberg's capabilities in genomics, molecular diagnostics, digital pathology and other advanced testing segments. The combined Maharashtra platform will include Neuberg NM Medical, Neuberg Dr Ajay Shah, Neuberg Sehgal, Neuberg OncoPath and Neuberg Star under one unified structure. Clinicians will benefit from integrated pathology, imaging and genomics capabilities aimed at enabling earlier disease detection and more personalised treatment decisions.
The Maharashtra consolidation marks another step in Neuberg's strategy of building a nationwide integrated diagnostics network through acquisitions, partnerships and consolidation of regional brands. The Chennai-headquartered company currently operates a network of more than 250 laboratories across over 250 cities in India and processes over 30 million tests annually. The moves in Maharashtra and North India are expected to bolster its national network ahead of a potential public market debut, with the company also maintaining presence in the UAE, South Africa and the US.
