New Delhi, July 21 -- Abu Dhabi Investment Authority, a sovereign wealth fund of the Gulf emirate, has agreed to buy a 3% stake in medical technology firm Micro Life Sciences Pvt Ltd for $200 million (about Rs 1,726 crore).
The investment by ADIA, which is subject to approvals by the Competition Commission of India, pegs the enterprise value of Micro Life Sciences at around $6.6 billion, according to a press statement.
The company, which operates under the Meril brand, already counts New York-based private equity firm Warburg Pincus as its investor. Warburg had invested $210 million (about Rs 1,575 crore) in Micro Life in 2022, valuing the company around $1.8 billion (Rs 13,524 crore). This means Warburg is sitting on a neat upside on its investment.
Warburg held an 11.65% stake in Micro Life as of March 2024, according to a regulatory disclosure.
Micro Life was founded by the Bilakhia family. The company designs, manufactures, and distributes state-of-the-art medical devices. Some of its focus areas include cardiovascular, orthopaedics, endo-surgery, in-vitro diagnostics, and surgical robotics.
"This investment will enable us to accelerate growth, attract world-class talent, and further strengthen our RCD and clinical research efforts as we work towards improving the quality of human life through advanced healthcare solutions," said Sanjeev Bhatt, senior vice president for strategy at Meril.
The company has a staff of over 13,000 people, with over 35 global subsidiaries in over 150 countries. For FY24, Micro Life's consolidated revenue from operations jumped to nearly Rs 3,496 crore from Rs 2,358 crore the year before. Net profit, however, fell to Rs 332.8 crore from Rs 483.4 crore, according to VCCEdge, the data research platform of VCCircle.
Published by HT Digital Content Services with permission from VC Circle.