VMPL
Mumbai (Maharashtra) [India], October 8: The company invests an enormous Rs190 crores in the healthcare industry of the United Arab Emirates and acquires 51% share in Vittal's MediCare. Evexia Lifecare Limited, a leading name in the pharmaceutical and healthcare sector, has made significant strides in expanding its global footprint. The company has embarked on an ambitious expansion spree, with two major developments signaling its commitment to growth and diversification in the healthcare industry.
On October 6, 2024, Evexia Lifecare signed a term sheet to acquire 51% stake in , a renowned diagnostics company Vittal's MediCare Private Limited. The acquisition is valued at Rs35 crores, post- effect it will result in Vittal's MediCare becoming a subsidiary of Evexia Lifecare. The move aligns with the company's strategic vision to strengthen its position in diagnostics, which complements its core operations in manufacturing and trading of pharmaceuticals, chemicals, and lifecare products. Vittal's MediCare Private Limited recorded revenues of Rs25.7 crores in FY 2020-21, Rs66.3 crores in FY 2021-22, and Rs38.5 crores in FY 2022-23. These numbers demonstrate a track record of profitability and steady revenue growth.
Expanding Reach in UAE
Simultaneously, Evexia Lifecare's wholly-owned subsidiary, Evexia Lifecare Africa Limited, has signed a historic agreement to invest in 10 UAE-based Limited Liability Companies (LLCs). These LLCs have a combined sales of Rs278.8 crores for the fiscal year 2022-2023, and they specialize in medical diagnostics and healthcare services.
The investment amounting to Rs190 crores (AED 8.3 crores), will allow Evexia Lifecare Africa to acquire a 51% stake in a newly formed Special Purpose Vehicle (SPV). This SPV will consolidate the operations of the ten LLCs, giving Evexia control over a major healthcare group in the UAE. The remaining 49% will be held by the existing partners of the LLCs.
With an emphasis on providing high-quality medical care through advanced diagnostic facilities the SPV will be providing wide range of specialties including internal medicine, gynecology, cardiology, and general medicine. The SPV will play a crucial role to the expand the healthcare services throughout the United Arab Emirates. The company's goal of improving healthcare accessible in the Gulf Cooperation Council (GCC) region matches up with this development.
Strategic Synergies and Business Growth
Both acquisitions reflect Evexia Lifecare's commitment to pursuing synergistic opportunities that complement its existing business portfolio. By acquiring Vittal's MediCare, the company is enhancing its diagnostic capabilities, a critical component of modern healthcare services. Similarly, the investment in the UAE consolidates its presence in international markets, with a clear focus on delivering cutting-edge healthcare solutions.
With the increasing demand for healthcare services in both India and the UAE, Evexia Lifecare is well-positioned to capitalize on the growing market needs. The integration of Vittal's MediCare into its fold will enable the company to provide comprehensive healthcare solutions, while the UAE expansion marks a strategic leap into one of the most promising healthcare markets globally.
Commenting on the company's expansion plans, Managing Director Jayesh Thakkar said, "These strategic acquisitions are part of Evexia's long-term vision to become a global leader in healthcare solutions." We are widening our scope of services and positioning ourselves as a major player in providing affordable, superior healthcare to a larger population by venturing into the diagnostics market as well as healthcare markets of the United Arab Emirates. The United Arab Emirates' swiftly increasing healthcare sector highlights the growing need for top-notch medical treatment to accommodate the country's burgeoning populace. These strategic acquisitions mark the beginning of a transformative chapter of expansion for Evexia Lifecare."
Both transactions are expected to be completed within 45 days, subject to regulatory approvals and the execution of definitive agreements. Evexia Lifecare is confident that these ventures will not only bolster its revenue growth but also enhance its brand presence in the global healthcare industry.
Evexia Lifecare Limited is a leading player in the pharmaceutical and life care industry, engaged in the manufacturing and trading of a wide range of pharmaceutical, chemical, and life care products. The company is committed to providing high-quality, affordable healthcare solutions to consumers across India.
For more information, visit www.evexialifecare.com.
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