Goldman Sachs is investing Rs 110 crore in BPL Medical Technologies (BPL Med), a Bangalore-based maker of medical devices like electrocardiographs, defibrillators, central nursing stations, stress test systems, oxygenerators, ultrasound scanners, colposcopes, foetal monitors, foetal dopplers and x-rays.
In a statement to the BSE, BPL Med said that the investment will be used to further expand its medical device business and is subject to customary approvals.
Ajit Nambiar, Chairman and Managing Director of BPL Ltd, said: “We are keen to partner with Goldman Sachs to expand our product range and geographic footprint. Goldman Sachs brings a unique global perspective, coupled with extensive experience investing in India.”
Ankur Sahu, Co-Head of Private Equity in Asia at Goldman Sachs, said: “This investment reflects our continued focus on the Indian healthcare sector where we will continue to fund segments that have a great need and large untapped potential. Leveraging our global healthcare expertise and relationships, we are excited to partner with the BPL Group to build a high-quality medical device leader in India.”
Ankur Sahu and Harsh Nanda, an Executive Director at Goldman Sachs, will join the board of BPL Med.
Last August, Goldman Sachs had bought a $54-million stake inNova Medical Centers, an Indian surgical care and fertility clinics company. Since 2006, the firm has deployed more than $2 billion in the country.