Fidelity Growth Partners India (FGPI), a regional corporate venturing unit of US-based mutual fund manager Fidelity, has invested R400 crores ($75m) to partly buy out minority shareholders in Trivitron Healthcare. This investment provides partial exits for ePlanet Ventures and Headland Capital, which have been invested in Trivitron since 2007. Trivitron is an India-based wholesale distributor and after-sales support provider of medical equipment and devices and part of FGPI’s investment will help the portfolio company acquire peers in Europe and the US. The funds will be used to increase Trivitron’s shareholding in Kiran Medical Systems, an international player in imaging accessories, expanding operations at Trivitron Medical Technology Park, and enhancing the company’s distribution operations in south-east Asia, Middle East and Africa. Raj Dugar, senior managing director at FIL Capital Advisors (India) Private Limited, the private equity advisory arm for FGPI, said: “Trivitron has a presence in both value and premium segments, and offers an excellent portfolio of products across India. The medical equipment sector in the country is still nascent and dominated by imports. “India will follow the same evolution trajectory as other emerging markets like China where large, indigenous manufacturers of medical equipment have emerged over the past decade.” Trivitron expects gross revenues of more than R700 crores this financial year. Kotak Mahindra Capital Company was the exclusive adviser to Trivitron with Amarchand & Mangaldas & Suresh A. Shroff & Co. as the company’s legal counsel.

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