Tube Investments of India Ltd (TII) and Premji Invest on Saturday signed a share purchase agreement to acquire Lotus Surgicals Pvt. Ltd. from India Medical Consumables Holdings Ltd. for ₹348 crore.
TII will acquire 67% while Premji Invest will acquire the balance 33% subject to completion of certain conditions precedent. Currently, Lotus is engaged in the business of wound closure products.
TII will invest up to ₹233 crore and Premji Invest will invest up to ₹115 crore, it said in a statement
The acquisition is the first step for TII and PI to initiate a medtech platform to design, manufacture and distribute innovative medical products at affordable price points.
M.A.M. Arunachalam, TII executive chairman said, “the acquisition of Lotus marks our entry into the med-tech business.“