Goldman Sachs, NEA to invest Rs 300 crore in Nova Medical Centres

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The private equity arm of Goldman Sachs and venture capital fund New Enterprise Associates (NEA) will together invest Rs 300 crore in Nova Medical Centres to support the expansion of its specialty surgery and fertility businesses.

While Goldman Sachs will invest Rs 220 crore, NEA which is an initial investor in the company, will make an add-on investment of Rs 80 crore, a company release said.

"This landmark investment from Goldman Sachs and NEA will accelerate the expansion of Nova's footprint across the country both organically as well as through acquisitions," Nova Medical Centres Chairman and CEO Suresh Soni said.

Ankur Sahu, Co-Head of private equity in Asia at Goldman Sachs, said: "This investment is consistent with our strategy to partner with experienced management teams and owners to build high quality businesses of scale in under-served sectors critical to India's growth".

Ankur Sahu and Harsh Nanda, Executive Directors at Goldman Sachs, will join the Board of Nova.

"Backing healthcare services platforms that improve quality, increase access and reduce costs is a proven strategy for us and we are excited to continue our partnership with Nova," New Enterprise Associates (India) Executive Director Ben Mathias said.

Since 2006, Goldman Sachs has deployed more than USD 2 billion in India.

NEA had earlier invested USD 15 million (around 83 crore) into the company.

Established in 2009, Nova owns and operates day/ short-stay surgical centres (that takes 24-72 hours from admission to discharge) in partnership with surgeons across India and the Middle East.