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Abu Dhabi Investment Authority buys 3% stake in Meril for $200 million
BS Reporter New Delhi
Abu Dhabi Investment Authority (ADIA) on Monday announced that it will acquire a 3 per cent stake in Gujarat-based medical devices manufacturer Meril for an investment of $200 million (approximately ₹1,723 crore).
According to Meril, a wholly owned subsidiary of ADIA has signed definitive agreements to invest in the company. The deal values Meril at $6.6 billion (around ₹56,859 crore) and is pending approval from the Competition Commission of India (CCI).
'Post this investment, Meril will be backed by two globally recognised investors, ADIA and Warburg Pincus,' the medical device maker added.
Meril develops and manufactures cardiovascular devices, structural heart solutions, surgical robotics, orthopaedic implants, in-vitro diagnostics, and endo-surgery technologies. The company had recently invested ₹1,400 crore in a facility in Vapi.
Commenting on the deal, Sanjeev Bhatt, Senior Vice President for Strategy at Meril, said that the investment by ADIA reinforces confidence in Meril's long-term vision and global ambitions.
'It will enable us to accelerate growth, attract world-class talent, and further strengthen our research and development and clinical research efforts as we work towards improving the quality of human life through advanced healthcare solutions,' he added.
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