Global investment banking major Goldman Sachs has invested Rs.110 crore in medical devices company BPL Medical Technologies.
The investment will be used to further expand the company’s medical device business, and the investment is subject to customary approvals, BPL Medical Technologies, a group company of BPL Ltd., said in a statement on Monday.
“We are keen to partner Goldman Sachs to expand our product range and geographic footprint. Goldman Sachs brings a unique global perspective, coupled with extensive experience investing in India,” BPL Chairman and Managing Director Ajit Nambiar said.
Pursuant to the said transaction, Goldman Sachs Co-Head of private equity in Asia Ankur Sahu and Harsh Nanda, an Executive Director at Goldman Sachs, will join the board of BPL Medical Technologies.
“We are excited to partner with the BPL Group to build a high-quality medical device leader in India,” Mr. Sahu said.
Established in 1963, BPL started manufacturing precision electrical instrumentation and diversified into medical devices in 1967.
Goldman Sachs is an active investor in India and since 2006, the firm has deployed more than $2 billion in the country.