Motilal Oswal arm invests USD 72 mln in Sensa Core

Mumbai, Dec 22 (PTI) Motilal Oswal Alternates on Monday announced a USD 72 million (around Rs 645 crore) investment in medical devices maker Sensa Core Medical Instrumentation for a significant minority stake.

The 2006-founded Sensa will use the new investment on product development and global expansion, a statement said.

The Hyderabad-based company, an arm of Motilal Oswal, is engaged in design, development, manufacturing and distribution of specialised in-vitro diagnostic devices, it said.

Its electrolyte analysers are adopted in over 40,000 hospitals or diagnostic labs in India, and it exports to over 78 countries, it said, adding that it is also engaged in Glucometers, Haemoglobin meters and has recently forayed into Arterial Blood gas Analysers.

The company has a manufacturing facility in Hyderabad's Export Promotion Industrial Park, Pashamylaram and will be commissioning a new manufacturing facility in Medical Device Park, Sultanpur, Hyderabad.

Motilal Oswal Alternates co-head of private equity, Rohit Mantri, said the country imports over three-fourths of its medical devices, running up to USD 8.5 billion a year.

Sensa is driven by rising demand for high-quality, affordable and globally competitive products, he added.

The company's chairman and founder Ravi Kumar Meruva said it brings together industrial design, mechanical, electrical, electronics, software, and chemistry disciplines and is beginning on the next phase of product innovation.

"With a strong focus on expanding access to healthcare, we believe affordability can be achieved through local manufacturing and large-scale production. The investment from Motilal Oswal Alternates reinforces confidence in our vision," Meruva added. PTI AA MR