India Pharma Outlook Team | Tuesday, 22 July 2025
In an important development demonstrating confidence in the global healthcare sector of India, Abu Dhabi Investment Authority (ADIA) has completed a definitive investment agreement for USD 200 million in Meril, a high-quality medical device company based in India.
The announced investment gives ADIA a 3% stake in Meril and implies an enterprise value of approximately USD 6.6 billion. Meril was established in 2006 and is headquartered in Vapi, Gujarat, India. It is a global medtech organization, with a range of medical devices being produced in cardiovascular, orthopaedic, diagnostics, and surgical robotics.
The organization sells medical devices in 150+ countries and employs over 13,000 employees around the world. Meril has quickly scaled both its product footprint and rapid growth in market presence. The recent capital usage from ADIA is expected to provide Meril with new growth avenues and support its clinical research, product innovation, and global expansion efforts.
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Meril is projected to reach a revenue of Rs 4,800 crore in FY25, with EBITDA margins at a strong 27–28%, and export revenue of more than 55%. Meril has been growing at a 30–35% CAGR and plans to double its revenue in three years.
This investment follows a round led by Warburg Pincus, which invested USD 210 million in Meril in 2022, and provides clear comfort on Meril's financial backing. The current transaction is subject to regulatory approval from the Competition Commission of India (CCI).
The deal signals growing interest in India’s rapidly evolving medical device industry, with global investors eyeing long-term value in the country’s innovation-driven healthcare ecosystem.
