Billionaire Gautam Adani and Apollo Hospitals Enterprise Limited (NSEI:APOLLOHOSP) are evaluating bids to pick up a majority stake in diagnostic chain Metropolis Healthcare Limited (NSEI:METROPOLIS), two people familiar with the development said. The deal size, given the market cap of Metropolis and its operations across the country, could be at least $1 billion (INR 77,650 million), they added. In May 2022, Mint reported that Adani Enterprises Limited (BSE:512599) is planning a massive foray into the healthcare sector and may acquire large hospitals, diagnostic chains, and both offline and digital pharmacies.

The group is said to have earmarked as much as $4 billion for the business, to gain a foothold in the healthcare space and is talking to investors and lenders to devise a long-term funding plan. A Metropolis spokesperson declined to comment on the development, whereas email queries sent to Adani Group and Apollo Hospitals went unanswered till press time.