TPG invests $23m in Sutures India
TPG Growth has acquired a minority stake in Bangalore-based surgical equipment maker Sutures India for INR1.45 billion ($22.9 million).
Sutures manufactures medical products like absorbable and non-absorbable sutures, eyeless needles, surgical meshes, bone wax and disposable surgical gloves. Its products are exported to over 91 countries in Europe, South America, Africa and Asia.
The PE firm will help the company introduce new products including special orthopedic implants, plastic casts and surgical instruments, Vish Narain, country head of TPG Growth India, told LiveMint. TPG Growth will bring more companies under Sutures, turning it into a large player in the devices space.
"We want to create another holding company in the healthcare space for hospitals. We want to invest in a mid-size hospital chain and scale it. We need an asset for that and we are trying to find such an asset," Narain said.
Since 2009, TPG Growth has closed five transactions worth over $300 million in India. These include bulk container manufacturer FlexiTuff, renewable energy developer Greenko and Lilliput Kidswear.
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