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Global investment bank Goldman Sachs has said that it would invest Rs 110 crore in BPL Medical Technologies, a group company of BPL Limited.
The funds would be used to grow the company’s medical devices business, according to a press release issued by BPL Limited.
Ankur Sahu, Co-Head of private equity in Asia at Goldman Sachs suggested that the deal is part of the company's focus on the healthcare sector.
“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,” he said in the press release.
Goldman Sachs has invested in excess of $2 billion in Indian companies since 2006 including healthcare industry investments in Nova Medical Centers and Max India.
Ajit Nambiar, Chairman and Managing Director of BPL Limited, suggested that Goldman would help with the company’s expansion plans.
“We are keen to partner with Goldman Sachs to expand our product range and geographic footprint,” he said in the release.
The company makes medical devices including Ultrasound Scanners and Electrocardiographs.
Sahu and Harsh Nanda, an executive director at Goldman Sachs, will join the board of BPL Med, it added.
Shares of BPL were trading 2.02% higher on the Bombay Stock Exchange at Rs 17.65 as against its Friday close of Rs 17.30.
