New Delhi: The Indian Competition Commission (ICC) has cleared a minority stake in Micro Life Sciences Pvt. Ltd by South Elm Investments BV, a Dutch investment holding company. The shareholders of South Elm Investments are private equity funds managed by Warburg Pincus LLC.

The $210 million deal involves a minority stake in Micro Life Sciences, the parent company of the Meril group of companies, a manufacturer of medical devices.

Micro Life Sciences and its subsidiaries are engaged in the production and sale of medical devices such as stents, coronary angioplasty catheters, heart valves, orthopedic implants and endosurgery products such as sutures, staplers, nets and intrauterine devices.

The company also produces over-the-counter products like Covid self-test kits and pregnancy test kits in India. Through subsidiaries, it sells specialized medical devices such as surgical robots and ultrasound devices to hospitals and has research and development (R&D) facilities, CCI said in a statement.

When announcing the deal last month, Warburg Pincus said in a statement quoting Narendra Ostawal, managing director of Warburg Pincus India, that the company was delighted to partner with Meril in its quest to build “a supplier of innovation-driven medical products and solutions that are developed and manufactured in India to serve the global market.”

“We are excited by Meril’s compelling growth story and believe the company stands to benefit from India’s secular healthcare tailwinds, realizing the potential for a strong market-defining product portfolio and expansion into global markets,” Ostawal said at the time.

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