The Abu Dhabi Investment Authority (ADIA) will invest $200 million for an estimated 3% stake in Meril, an Indian medical device manufacturer, according to a statement issued on Monday. The deal values the Gujarat-based company at approximately $6.6 billion.
The investment will be made through a wholly owned ADIA subsidiary and is subject to regulatory clearance from the Competition Commission of India.
Meril, a unit of the Bilakhia Group, operates across cardiovascular devices, orthopaedics, structural heart therapies and surgical robotics. The company has been expanding into international markets, including Latin America, Southeast Asia, and Europe, and competes with global device makers such as Medtronic and Abbott.
The investment marks ADIA’s latest healthcare bet in India. Last year, the sovereign wealth fund acquired a 3% stake in Intas Pharmaceuticals for approximately $250–$270 million, implying a valuation of $8.5 billion. It also participated in the anchor book of Akums Drugs and Pharmaceuticals’ July 2025 IPO with a 500 million rupee ($6 million) allocation, representing 6% of the anchor tranche.
ADIA set up a base in India’s GIFT City special economic zone in October 2023, where it is developing a $4–$5 billion investment fund to target Indian assets. Healthcare, infrastructure, and financial services have been key focus areas for the fund’s India strategy, reflecting broader Gulf interest in Asia’s growing consumer and health sectors.
India’s medical device market, valued at over $11 billion, is expected to grow at double-digit rates in the next five years, driven by rising demand, import substitution policies, and increased healthcare spending. The Indian government has also introduced production-linked incentives to boost domestic manufacturing in the sector.
