Thyrocare Technologies is divesting its radiology unit, Nueclear Healthcare, to Trovera Healthcare for ₹141.4 crore. The sale allows the diagnostic company to exit the capital-heavy imaging business and focus on its pathology operations. The deal includes a cash payout and an equity stake, while Thyrocare will retain key laboratory properties in Gurugram and Hyderabad.
Thyrocare Technologies is selling its wholly-owned radiology subsidiary, Nueclear Healthcare, to Trovera Healthcare for ₹141.4 crore. This strategic move is part of the company's effort to simplify its business and focus on its core pathology services, which typically require less capital investment compared to radiology.
Deal Structure and Asset Retention
The transaction is structured as a mix of cash and shares. Thyrocare will receive ₹81.9 crore in cash, subject to adjustments for working capital, and ₹59.5 crore through compulsorily convertible preference shares (CCPS) issued by the buyer. These preference shares give Thyrocare a 4.5% equity stake in Trovera on a fully diluted basis.
While selling the subsidiary, Thyrocare is ensuring its own operations remain unaffected. The company is simultaneously acquiring land and building assets from Nueclear Healthcare in Gurugram and Hyderabad for ₹20.59 crore. These locations currently house laboratories that Thyrocare operates on rent. By purchasing these sites, the company secures its operational footprint and avoids any disruption to its existing laboratory services.
Shift in Business Focus
For years, the diagnostics industry has seen a clear distinction between the business models of radiology and pathology. Radiology services, which involve machines like MRI and PET-CT scanners, are capital-intensive and require regular, high-cost updates to equipment. In contrast, pathology—the testing of blood and tissue samples—is often viewed as more scalable and less dependent on massive upfront spending on machinery. Thyrocare management has previously indicated that it prefers to focus resources on the higher-return profile of pathology.
This decision comes on the back of positive financial growth, with the company reporting a 24.3% year-on-year increase in consolidated revenue to ₹240.02 crore in its most recent quarterly performance. The divestment is expected to be completed by November 2026.
Investors may monitor the progress of this sale, specifically the completion of the asset transfer and how the company allocates the cash proceeds from the deal. The impact of exiting radiology on the company's overall profit margins will be a key point for shareholders to watch in future quarterly reports.