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Tube Investments & Premji Invest to acquire Lotus Surgicals for ₹348 cr
Financial Express Mumbai
|March 26, 2023
This move by TII comes close on the heels of its announcement on the foray into pharma sector with plans to engage in contract manufacturing, research and development of active pharmaceutical ingredients.
TUBE INVESTMENTS OF India (TII), part of ₹54,722-crore Murugappa Group and Premji Invest (through PI Opportunities Fund) on Saturday signed a share purchase agreement to acquire 100% equity capital of Lotus Surgicals from India Medical Consumables Holdings (a Samara Capital entity) and other shareholders.
TII will acquire 67% while Premji Invest will acquire the balance 33%. Mumbai-headquartered Lotus is an established company engaged in the business of manufacturing and supply of medical and surgical consumables. It has a manufacturing facility at Dehradun in Uttarakhand. TII will invest up to ₹233 crore and Premji Invest will invest up to ₹115 crore to acquire equity shares from the existing shareholders of Lotus. The acquisition is expected to be completed on or before April 30, 2023.
This story is from the March 26, 2023 edition of Financial Express Mumbai.
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