The investment by a wholly-owned subsidiary of ADIA pegged Meril’s enterprise valuation at $6.6 billion, the Vapi, Gujarat-based company said in a statement.
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.
