MUMBAI, May 13, 2013 (Mint - McClatchy-Tribune Information Services via COMTEX) -- Goldman Sachs Group Inc. has invested Rs.110 crore ($20 million) in BPL Medical Technologies for an equity stake.
The investment will be used to expand BPL Medical's devices business, the company said.
"This landmark investment reinforces our vision to build on the BPL brand and well-established sales and service network to create India's leading, indigenous medical device company," said Ajit Nambiar, chairman and managing director of BPL Ltd, in a statement on Monday. "We are keen to partner with Goldman Sachs to expand our product range and geographic footprint."
The medical technology arm of BPL group sells electrocardiographs, patient monitors, defibrillators, central nursing stations, stress test systems, oxygenerators, ultrasound scanners, colposcopes, foetal monitors, foetal dopplers and X-ray machines.
"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," said Ankur Sahu, Goldman Sachs' co-head of private equity in Asia. Goldman Sachs has deployed more than $2 billion in the country since 2006.
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