Warburg Pincus exits India healthcare chain Metropolis

The financial terms of the transaction have not been disclosed, but Metropolis Managing Director Ameera Shah has told the Indian media that Warburg Pincus earned "handsome returns" on the sale. The firm had owned the stake in Metropolis since buying it from ICICI Venture for $85 million in 2010.

The company, founded in 1981, performs more than 4,500 types of laboratory tests for hospitals, nursing homes and other healthcare providers. It also operates laboratories in the United Arab Emirates, Sri Lanka, South Africa, Kenya, Mauritius and Ghana.

Shah did not specify as to the nature of KKR's involvement. The private equity firm has been active in Indian healthcare, paying $191 million last year for a 37.98% stake in drug developer Gland Pharma and investing $89.74 million in PCR Investments, the parent company of the Apollo Hospitals chain in 2013.

The latter transaction was initiated through KKR's India credit business. Usually acting through KKR India Financial Services, a non-banking financial company (NBFC), the firm has provided structured financing solutions to a number of domestic companies.

Warburg Pincus' exit from Metropolis leaves it with few other holdings in the sector. Most prominently, it still holds a minority stake in drug maker Laurus Labs, which it bought for $89.6 million in October 2014.

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• Topics
• Healthcare
• South Asia
• Exits
• Venture
• GPs
• India
• Warburg Pincus Asia
• KKR
• healthcare
• Exit
• Buyback