Warburg Pincus invests in ophthalmic equipment maker Appasamy
Appasamy Associates said its recently appointed chief executive officer, Senthil Kumar, will continue to hold his position after the stake sale.
Global private equity firm has acquired a stake in Appasamy Associates, an ophthalmic equipment and intraocular lenses maker.
The deal value was not disclosed, but Appasamy said it was the "largest investment in the healthcare sector by the firm in India."
Chennai-based Appasamy plans to use the funds to bolster its manufacturing and R&D capabilities and for product innovation.
"We are witnessing a period of strong growth for the Indian healthcare sector, particularly ophthalmology, and we expect to see significant opportunities in both the domestic and export markets," said Senthil Kumar, CEO of Appasamy, in a statement.
"As Appasamy progresses into this new era of expansion, we are excited to partner with Warburg Pincus given the firm’s global expertise in healthcare and its long-term business-building focus in India," he added.
In the past, New York-headquartered Warburg Pincus has invested in several Indian healthcare companies, including , Metropolis Healthcare, Meril Life Sciences, and Laurus Labs.
The private equity major, in February, sold an 8.4% stake in Kalyan Jewellers. It is a key contender to buy Shriram Housing Finance. Its early bets in India have included Bharti Airtel and HDFC.
"[We] recognise the substantial potential within this space and hold in high regard the ethos, aspirations, and vision of the company," said Narendra Ostawal, Head of India private equity at Warburg Pincus.
"Senthil brings great strengths in building and scaling teams and products across geographies, and we are excited to collaborate with him in Appasamy’s next phase of growth" Ostawal added.
Founded in 1978, Appasamy manufactures ophthalmological and optometry equipment such as vision charts, keratometers, lensometers, surgical and intraocular lenses, pharmaceuticals, and instruments.
The company appointed ex-Alcon executive Senthil Kumar as CEO in January this year. Appasamy Associates said Kumar will continue to hold his position after the stake sale.
Edited by Swetha Kannan