Latest news with #WarburgPincus
Time of India
a day ago
- Business
- Time of India
ADIA invests $200 million in medical devices co Meril
Representative image NEW DELHI: Abu Dhabi Investment Authority (ADIA), UAE's largest sovereign wealth fund, has entered into a definitive agreement to invest $200 million (around Rs 1,700 crore) for a 3% stake in Meril (Micro Life Sciences), a medical devices company. This investment values Meril at an enterprise value of $6.6 billion (around Rs 56,000 crore), says a company statement. The transaction is subject to regulatory approval by the Competition Commission of India (CCI). Post this deal, Meril will be backed by two globally recognised investors — ADIA and Warburg Pincus, it adds. In 2022, Warburg Pincus announced that it will invest $210 million for a minority stake in Meril. Sanjeev Bhatt, senior vice president — strategy, Meril, said: 'This investment by ADIA reinforces confidence in Meril's long-term vision and global ambitions. This investment will enable us to accelerate growth, attract worldclass talent, and further strengthen our R&D and clinical research efforts as we work towards improving the quality of human life through advanced healthcare solutions.' Founded by the Bilakhia Group, Meril has a strong focus on clinically-advanced solutions across multiple specialties — including cardiovascular, structural heart, orthopaedics, endo-surgery, in-vitro diagnostics, and surgical robotics. Headquartered in Vapi (Gujarat), Meril operates state-of-theart, vertically integrated, and globally certified manufacturing and R&D facilities. Established in 1976, ADIA is a globally diversified investment institution that invests funds on behalf of the Abu Dhabi govt through a strategy focused on long-term value creation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
2 days ago
- Business
- Economic Times
ADIA signs a definitive agreement to invest $200 million in medical devices firm Meril
Abu Dhabi Investment Authority (ADIA) has signed a definitive agreement to invest $200 million (about Rs1,725 crore) for a 3% stake in medical devices maker Micro Life Sciences Pvt Ltd (Meril). 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 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.
Mint
2 days ago
- Business
- Mint
Student loan provider Avanse Financial looks to raise $250 million in private round after shelving IPO
Mumbai: Avanse Financial Services Ltd, a non-banking financial company (NBFC) backed by Kedaara Capital and Warburg Pincus, is looking to raise $200-250 million in a private round in which some of its existing investors will sell part of their stakes, three people with knowledge of the development said. The new round will be largely secondary, and will include a small primary component as the company is well capitalised following a capital infusion by Kedaara Capital ( ₹200 crore), Mubadala Investment Company ( ₹900 crore through its affiliate Alpha Investment Company LLC), Avendus PE Investment Advisors Pvt Ltd ( ₹100 crore via its Avendus Future Leaders Fund II), and internal accruals in FY24. IPO shelved The company, which filed draft papers for an initial public offering (IPO) with Sebi last July, is likely to postpone its IPO in favour of the private fundraise, these people said. Other investors in the company include International Finance Corporation (IFC) and Warburg Pincus. On 31 July 2024, Avanse had filed draft documents for a ₹3,500-crore IPO, which included a fresh issuance of shares worth ₹1,000 crore and an offer for sale in which existing investors would sell shares worth ₹2,500 crore. It received Sebi's approval on 24 October. 'The company's window to go public closes in October (2025). Given the market conditions, it is unlikely to refile its documents," said one of the people cited above, who did not wish to be named as the discussions are private. IFC and Kedaara did not respond to Mint's queries while Warburg and Avanse declined to comment. After Indian companies raised a record ₹1.69 trillion through IPOs in 2024, the euphoria around public offerings appears to be softening in 2025 amid volatile market conditions. The mainboard segment, once flooded with enthusiastic bidders, is now seeing lukewarm interest, subdued subscription levels, and sharply lower listing gains. A Mint analysis revealed that only 19.2% of mainboard IPOs this year have been oversubscribed by 80 times or more, while 38.5% were oversubscribed by 1-10 times. Median listing gains for mainboard IPOs have dropped to just 8%, while SME IPOs have seen a sharper decline to 4.6%—a far cry from 2024's 17.3% and 39.3%, respectively. Second-largest provider Avanse provides education financing, including international and domestic student loans and infrastructure loans for educational institutions. It disburses loans through a hybrid network of branches, education counsellors and digital channels. Two NBFCs dominate the overseas education loan market. HDFC Credila Financial Services had a 62% share of the market as of 31 December 2023, while Avanse had a 24% share. Other key NBFCs in the space are Auxilo Finserve, InCred Finance, Prodigy Finance and MPower. Avanse was also the second NBFC offering education loans that planned to go public after Credila, which is backed by ChrysCapital and EQT. Credila filed its updated draft papers last month for a ₹5,000-crore IPO. 'Credila's IPO would have served as a good measure of where the market stands on an education-focused NBFC," said the second person cited above. 'Avanse is likely to appoint a banker to manage its private round and initial talks have begun," the third person added. According to Avanse's draft IPO papers, its AUM increased 65.86% to ₹13,303 crore in FY24 from ₹8,646 crore in FY23. Total income grew to ₹1,729 crore in FY24, with net profit rising to ₹342 crore. For comparison, the company posted ₹990 crore in operating revenue on a profit of ₹157 crore in FY23. A bulk of its AUM came from overseas education loans, with growth in the segment driven by markets such as the US (48.30% of the overseas book), the UK (23.78%), and Canada (12.58%). Avanse has given loans to students enrolled in 1,585 universities and colleges across 49 countries. It predominantly finances science, technology, engineering and mathematics (STEM) courses, which comprised 72.13% of its overseas education loan portfolio as of 31 December 2024. MBA and other courses accounted for the remaining 27.87%. Niche but growing market Overseas education financing is a niche market in India, largely funded by specialised NBFCs. It has been growing thanks to an increasing number of students choosing pursue higher education abroad. Avanse has been one of the biggest beneficiaries of this shift, gaining market share and maintaining its leadership position, Care Edge Ratings said in a report. The credit rating agency noted that the company has an established presence and improving profitability, and is poised to raise funds at competitive rates and improve its operational efficiency. In FY25 the company posted an operating income of ₹2,350.8 crore and a profit of ₹504 crore. However, Care added that the business could face headwinds from product and geographical concentration, moderate portfolio seasoning, and asset quality that's susceptible to risks inherent in the unsecured loans segment. While the company receives a bulk of its revenue from the top four destination countries, it has gradually been diversifying into loans for educational institutions and students in India to reduce seasonality. It has also started offering loans Indian students for studying digitally, particularly for upskilling and test preparation, the report said. In India, the education market – domenstic and overseas – was estimated at ₹18.5-19 trillion in FY24, according to a Crisil report published last year. Crisil expects India's overseas education market to outpace the domestic market. It estimates overall market to grow at a compound annual rate of 12-13% from FY24 to FY29, achieving ₹24 trillion in size.
Forbes
5 days ago
- Business
- Forbes
Stonepeak Invests $1.3 Billion In Warburg Pincus-Backed Data Center Operator Princeton Digital
Racks of computer servers in a data center. Princeton Digital Group (PDG)—a Singapore-based data center operator backed by U.S. private equity firm Warburg Pincus—said Thursday it has agreed to sell $1.3 billion of its shares to New York-based infrastructure-focused investment firm Stonepeak. The fresh capital injection—which brings to $2.5 billion total funds raised this year, including the $1.2 billion in debt raised in May—will support its expansion across Asia, Princeton Digital said in a statement. 'This milestone investment from Stonepeak is a strong endorsement of PDG's strategy, execution, and sustained value creation,' Rangu Salgame, chairman, CEO and cofounder of PDG said in the statement. Salgame and Varoon Raghavan, the company's chief operating officer, cofounded Princeton Digital in 2017 in partnership with Warburg Pincus. Since then, the company has grown to become one of Asia's biggest data center operators with a total capacity of more than one gigawatts across 20 facilities in China, India, Indonesia, Japan, Malaysia and Singapore. PDG also counts the Ontario Teachers Pension Plan and Abu Dhabi's Mubadala among its existing investors. Stonepeak is investing in Princeton Digital to tap into some of the world's fastest growing digital hubs. Data Center capacity across the Asia Pacific will double to 24 gigawatts by 2030, surpassing the projected 18.3 gigawatt capacity in the U.S., according to a recent report by real estate consultant Cushman & Wakefield. 'As PDG's largest shareholder, we are excited to welcome a like-minded partner to help propel the company into its next phase of growth, supporting the surging demand for AI and cloud infrastructure across the region,' Ellen Ng, co-head of Asia real estate at Warburg Pincus said. Led by U.S. billionaire Michael Dorell—who has an estimated net worth of $8.5 billion according to Forbes—Stonepeak manages $73 billion in assets. The firm invests in sectors such as transportation and logistics, digital infrastructure, energy, and real estate. 'PDG has established itself as one of the clear leaders among digital infrastructure platforms in the Asia Pacific region,' Andrew Thomas, senior managing director at Stonepeak said. 'The company's track record of execution, top-tier management team, and significant power bank in critical hub markets positions it well to serve the continued demand from hyperscalers and AI-driven platforms in the region.'
Business Times
5 days ago
- Business
- Business Times
Warburg Pincus-backed data centre operator Princeton Digital bags US$1.3 billion from Stonepeak
[SINGAPORE] Warbug Pincus-backed Princeton Digital Group announced on Friday (Jul 18) that it secured US$1.3 billion in funding from Stonepeak, a New-York based alternative investment firm specialising in infrastructure and real assets. Princeton Digital is a Singapore-headquartered data centre operator, with a portfolio of more than 1.1 gigawatts across 20 data centres in Singapore, Japan, India, Indonesia, China and Malaysia. The news follows a recently announced US$1.2 billion debt financing, bringing the total capital raised in 2025 so far to US$2.5 billion. The investment will aid Princeton Digital in its next phase of growth, including greenfield development and mergers and acquisitions, said the company. Warburg Pincus will remain as the data centre operator's largest shareholder. Rangu Salgame, chairman, chief executive and co-founder of Princeton Digital, said: 'With this partnership, Princeton Digital is uniquely positioned to scale with speed, continue being the trusted provider to the world's most demanding hyperscalers, and further consolidate its position as a market leader in the region.' Stonepeak holds about US$73 billion of assets under management and has an office in Singapore. Warburg Pincus, a founding investor in Princeton Digital, said it was a 'strong validation' of the data centre operator's long-term strategy.
