Goldman invests $20m in Indian medical device manufacturer
Goldman Sachs’ private equity unit has committed INR1.1 billion ($20 million) to BPL Medical Technologies, a subsidiary of listed Indian consumer products manufacturer BPL. This is Goldman's third investment in the Indian healthcare sector.
BPL Med manufactures and sells medical equipment with the latest technologies at affordable prices. Its products include electrocardiographs, defibrillators, central nursing stations, oxygenerators, ultrasound scanners, colposcopes, foetal monitors and X-rays.
The investment will be used to expand the company's product range and geographic footprint.
Founded in 1967, BPL's medical device business has acquired 119 nationwide dealers and customers and a wide network of customer care centers with a team of over 600 service personnel located across India.
Ankur Sahu, Goldman Sachs co-head of private equity in Asia, and Executive Director Harsh Nanda will join BPL Medical's board of directors.
"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," Sahu said.
Among its healthcare deals, Goldman invested INR2.2 billion in Nova Medical Centers, an Indian surgical care and fertility clinics company, in August 2012. It also has a 9.4% stake in insurer and hospital operator Max India, which it reportedly bought for $115 million in 2011.
Earlier this month Goldman invested INR6 billion in DEN Networks, an Indian cable distribution company. It has deployed more than $2 billion in the country since 2006.
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