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By relying on the public-private partnership model in healthcare to make money, the relatively small, little-known company has grown to become among the fastest-growing diagnostic businesses in India.

As India’s largest stock exchange heads to the public markets, it may need to rethink its excessive reliance on transaction revenue.
April data suggests the slide may be moderating, even as the UAE accelerates moves to derisk its future.
A public listing will help clean up the hospital chain’s balance sheet after the costly Sahyadri acquisition. But depressed metrics, integration risks and lofty valuations make this far from a clean turnaround story.