Goldman Sachs to invest Rs109.74 crore in BPL Medical Technologies
13 May 2013
New York-based investment banking firm Goldman Sachs will make an equity investment of Rs109.74 crore ($20 million) in medical device maker BPL Medical Technologies.
The move comes a week after the board of BPL Medical's parent BPL Ltd approved the transfer its healthcare business to BPL Medical for Rs21.05 crore worth of equity shares of BPL Medical.
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.''
As part of its investment, Ankur Sahu and Harsh Nanda, an executive director at Goldman Sachs, will join the board of Bangalore-based BPL Medical.
''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,'' said, Ajit Nambiar, chairman and managing director of BPL Ltd, said:
The New York-based investment banking firm had last week invested $110 million in Den Networks – a New Delhi-based cable distribution network company.
Goldman Sachs, which has invested more than $2 billion in India since 2006, last week invested $110 million in Den Networks – a New Delhi-based cable distribution network company.
BPL Medical makes electrocardiographs, patient monitors, defibrillators, central nursing stations, stress test systems, oxygenerators, ultrasound scanners, colposcopes, foetal monitors, foetal dopplers and x-ray machines.