Tube Investments of India Ltd (TII) and Premji Invest on Saturday signed a share buy settlement to acquire Lotus Surgicals Pvt. Ltd. from India Medical Consumables Holdings Ltd. for ₹348 crore.
TII will acquire 67% whereas Premji Invest will acquire the steadiness 33% topic to completion of sure situations precedent. Currently, Lotus is engaged within the enterprise of wound closure merchandise.
TII will make investments up to ₹233 crore and Premji Invest will make investments up to ₹115 crore, it mentioned in a press release
The acquisition is the first step for TII and PI to provoke a medtech platform to design, manufacture and distribute revolutionary medical merchandise at reasonably priced value factors.
M.A.M. Arunachalam, TII govt chairman mentioned, “the acquisition of Lotus marks our entry into the med-tech enterprise.“
