Warburg Pincus has sold its 27 per cent stake in Metropolis Healthcare Ltd to the latter's promoter, the Shah family, for an undisclosed amount.
Warburg Pincus had picked up a stake in Metropolis Healthcare, which is India's leading pathology chain with presence in the UAE, Sri Lanka, South Africa, Kenya, Mauritius and Ghana, in 2010.
After nearly five years of support, it has decided to sell its stake to the promoters, a company statement said today.
Commenting on the development, Metropolis Healthcare Ltd MD & CEO Ameera Shah said, "Warburg Pincus invested in the company in 2010 and after nearly five years of support, sold its shares for handsome returns.
"The shares have been acquired by me and my family. We are very excited about the new phase of growth. The company is now supported by eminent independent directors and I am backed by other marquee investors and eminent industrialists".
"The relationship with Warburg Pincus was mutually beneficial for the investor and the company. With the new shareholding structure, Metropolis will take an even more aggressive path," Shah said in a statement here.
Warburg Pincus India Private Limited's Managing Director Niten Malhan said, "The decision to invest in Metropolis in 2010 was based on our thesis that demand for and growth trends in medical diagnostics will continue and that Metropolis is well positioned to benefit.
"We are pleased to have partnered Metropolis during its critical growth phase. Metropolis, through its innovative vision and focused business acumen has now metamorphosed into one of India's leading pathology specialists and has created immense value for all its partners," he said in the statement.
