ADIA signs a definitive agreement to invest $200 million in medical devices firm Meril
Post the investment, Meril will be backed by two major global investors ADIA, and US private equity firm Warburg Pincus. The deal is subject to Competition Commission of India (CCI) approval.
'This investment by ADIA reinforces confidence in Meril's long-term vision and global ambitions,' said Sanjeev Bhatt, senior vice president-strategy at Meril. 'This investment will enable us to accelerate growth, attract world-class talent, and further strengthen clinical research efforts as we work towards improving the quality of human life through advanced healthcare solutions.' Meril was founded in 2006 by the Bilakhia Group after divesting their agrochemical business to Bayer, and the Micro lnks business to Hubergroup—both from Germany.
In 2022, the promoters tapped Warburg Pincus to raise Rs 1,575 crore by selling a 14% stake in Meril, and Rohit Kothari's Anchorage Capital for Rs 200 crore by divesting a 2% stake at a valuation of about Rs 11,000 crore. In the three years since, Meril closed fundraisings for another 3% shareholdings while its valuation surged more than fivefold to nearly Rs 60,000 crore. The Bilakhia family currently has more than 81% stake in the company, with Warburg, ADIA, and Kothari being other principal shareholders together holding nearly 19%.Meril is regarded as an innovator in medical technology (MedTech), with a focus on clinically-advanced solutions across multiple specialties such as cardiovascular, structural heart, orthopaedics, endo-surgery, in-vitro diagnostics and surgical robotics. Some of the innovations include transcatheter heart valve series, transcatheter edge-to-edge repair system, and surgical robotic system. The company is growing between 30-35% compounded annually, with FY25 revenue at Rs 4,800 crore and margins of 27-28%. Exports contributed about 55% of revenue.Experts expect the company to double revenue within less than three years. Meril employs more than 13,000 employees and has over 35 global subsidiaries. Its Vapi facility spans over 100 acres with over 1 million sq ft manufacturing space.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
34 minutes ago
- Time of India
Uttar Pradesh secures ₹12,031 crore under PMAY-Urban 2.0
LUCKNOW: In a major push towards ' Housing for All ', the Uttar Pradesh government has secured financial approval of Rs 12,031 crore under the Pradhan Mantri Awas Yojana (Urban) Mission 2.0 to provide pucca houses to the urban poor, according to a statement released on Saturday. Chief Minister Yogi Adityanath has directed officials to ensure transparency and quality in construction, the statement said. Following this, geo-tagging and photographic documentation of each house will be mandatory under PMAY (Urban), enabling real-time monitoring at every stage of construction. All houses will also be equipped with disaster-resilient features to safeguard against earthquakes, floods, and other calamities, making safety an integral component of the scheme, it said. The cost of construction under the scheme is being shared between the Centre and the state government in a 60:40 ratio. Each eligible beneficiary will receive Rs 2.5 lakh in assistance to build a permanent (pucca) house. Launched on September 1, 2024, the PMAY (Urban) Mission 2.0 aims to ensure pucca houses for all families by the set deadline. The scheme is being closely monitored by officials at both the state and district levels to guarantee timely and quality construction. The initiative not only provides social security to the urban poor but also promotes integrated urban development across Uttar Pradesh, the statement added.
Time of India
43 minutes ago
- Time of India
ED probes Anil's RHFL for writing off Rs 7k cr loans to group firms
NEW DELHI: As the ED sifts through voluminous documents and digital records seized from Anil Ambani 's Reliance group entities during searches, which began on July 24 and concluded on Sunday, the agency, in particular, is looking at alleged diversion of Rs 12,000 crore loans by Reliance Home Finance Ltd (RHFL) to various related entities. ED is being assisted in its task by National Financial Reporting Authority, CBI, Security and Exchange Board of India (Sebi) and National Housing Bank, since it involves misappropriation of huge public funds. At least a dozen related entities of the group are currently undergoing insolvency proceedings, which means massive haircuts for banks. Sources said 22 individuals, who are key management personnel and associates of Ambani, have come under the radar of the agency and are being investigated, besides the 60 companies that were covered during the searches lasting over 72 hours. A Sebi investigation report (shared with ED) has highlighted alleged laundering of funds by RHFL, which had written off around Rs 7,000 crore out of the Rs 12,000 crore of loans it had extended to various entities linked to the Anil Ambani group. Ambani is already under investigation for his group entity RHFL availing funds of Rs 2,965 crore from Yes Bank by allegedly paying bribes to its former CEO Rana Kapoor through his wife Bindu Kapoor and her companies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Do You Speak English? You May Be Able To Work a USA Job From Home in Bangladesh US Jobs | Search ads Undo Rs 1,353 crore of the Rs 2,965 crore received from Yes Bank has turned into NPA. A forensic audit, commissioned by the bank, has also concluded diversion of this amount to related companies. Reliance Power and Reliance Infrastructure, in identical statements, said, "The company and all its officials have fully cooperated and will continue to cooperate with the authority". On the alleged diversion of Rs 12,000 crore by RHFL to related entities, a company official said, "The account of RHFL has been fully resolved with change in management pursuant to the judgment of SC in 2023. ..Allegations of other irregularities are sub-judice and as a matter of fact, the Sebi order has been challenged before SAT (Securities Appellate Tribunal) since 2024". "Sebi vide its order dated Aug 22, 2024, has found that RHFL has engaged in a fraudulent scheme to divert funds for the benefit of Ambani and his group companies," a source aware of the probe said. ED is probing related party transactions, in which it was found that Reliance Infrastructure had received funds from Crest Logistics and Engineers Pvt Ltd, which in turn had received funds from at least four entities - RPL Star Power Pvt Ltd, RPL Solar Power Pvt Ltd, Species Trade and Commerce Pvt Ltd and Worldcom Solutions Ltd - all of them allegedly linked to the Anil Ambani group. According to the Sebi investigation report, the forensic audit of RHFL found that "loans of more than Rs 12,000 crore have been extended to various entities which are linked to the Anil Ambani group. These companies had a common registered address, email ID/domain, address and directors". The Sebi report further revealed that as on Sept 30, 2021, Rs 6,931 crore had been declared as NPA/written off by RHFL out of loans extended to linked/associated entities of the group.
Time of India
an hour ago
- Time of India
Woman, pregnant with twins, survives 18-hour heart surgery
Mumbai: A 31-year-old woman, eight months pregnant with twins, was rushed to KEM Hospital for intense chest pain radiating down her spine, and breathlessness. Doctors found a tear in the main blood vessel that carries blood from the heart to the rest of the body. But delays in diagnosis and treatment cost nearly a day, and fearing the loss of all three lives, the family moved her to a private hospital. The mother, Tejaswini Hire, and her two preterm daughters remained at Jaslok Hospital for a month. The total expenses touched around Rs 30 lakh, covering an emergency caesarean, an open-heart surgery, and a month-long admission for all three. The twins turned two months old on Sunday. "At KEM, I was told the costs could be Rs 4 lakh, but the risks seemed too high and we had lost trust," said Nishant Hire, the twins' father. The family lives in Ramabai Ambedkar Nagar in Ghatkopar. "We had to borrow from friends and family, all our savings are exhausted, but at least all three are alive and safe," Hire said. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai A doctor from KEM Hospital said, "They took discharge against medical advice. It was a high-risk case with low survival chances, but we were prepared to operate. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like We Have No Words For Dog The Bounty Hunter's Transformation Cash Roadster Undo In the end, it was the patient's choice." Cardiothoracic surgeon Dr Hemant Pathare, who performed the surgery, explained that in medical terms this was a case of an aortic dissection caused by a genetic disorder called Marfan syndrome. The syndrome can lead to serious heart problems. "The tear had extended to her coronary artery, and the aortic valve was leaking significantly. This caused severe fluid congestion in her lungs, and she had to be put on ventilator. Eventually, there were more complications impacting almost her entire body," he said. The open-heart surgery lasted 18 hours. By the time Tejaswini reached Jaslok, doctors were unable to detect the heartbeat of one of the babies, prompting an emergency C-section. "Marfan syndrome is risky even outside pregnancy, but during pregnancy, the risk to the mother's life is far more. The most dangerous part is that cardiac complications can strike at any time from the first day to just after delivery," said Dr Danny Laliwala, the gynaecologist who performed the delivery. Hire said Tejaswini is still recovering, while the twins are healthy. "She will have to be on lifelong blood thinners. This is likely the first such survival case in the world, given that maternal mortality in such situations can be as high as 50%, and infant mortality even higher," said Dr Pathare.
