Warburg Pincus to invest ~US$ 210 million in Meril

The transaction is awaiting approval from the Competition Commission of India (CCI)

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New Delhi: Warburg Pincus, a leading global growth investor through its affiliate South Elm Investments B.V., has signed a definitive agreement to invest ~US$ 210 million for a minority stake in Micro Life Sciences Private Limited, parent organization of Meril group of companies, one of India’s leading medical devices company. The transaction is awaiting CCI approval.
Founded by the Bilakhia family, Meril is a fast-growing medical devices company that designs, manufactures and distributes clinically relevant and state-of-the-art medical devices. With robust R&D facilities, world-class manufacturing capability, deep distribution reach and commitment to invest in educational and training programs via Meril Academy, Meril has attained a leading market position in India across several categories and has introduced innovative products globally.
Further, Meril is making significant strides in capturing the global opportunity in both established product categories and market-defining innovations, led by its innovative products, continued commitment to deliver strong clinical outcomes, and high credibility amongst stake holders.
Narendra Ostawal, Managing Director, Warburg Pincus India, said: “We are delighted to partner with Meril in their quest to build an innovation-led provider of medical products and solutions that are developed and made in India to serve the global market. We are excited by Meril’s compelling growth story and believe the company stands to benefit from the secular tailwinds of healthcare in India, realizing the potential of a strong pipeline of market-defining products and expansion into global markets.”
Sanjeev Bhatt, Sr. Vice President Corporate Strategy Meril said: “We are excited to partner with Warburg Pincus which has a rich history of working with several successful medical device companies globally. The current investment establishes high degree of credibility to Indian medical devices in the global landscape and will help us in deepening our international presence, attracting global talent, and scaling up our clinical research efforts in order to achieve our vision of improving the quality of human life through advanced healthcare solutions.”