The firm has picked up a 49 per cent stake with the funding earmarked for expanding the business, which manufactures items including ultrasound scanners, defibrillators and electrocardiographs.
Goldman Sachs Asia co-head Ankur Sahu said, “This investment reflects our continued focus on the Indian healthcare sector where we will continue to fund segments that have a great need and large untapped potential.
“Leveraging our global healthcare expertise and relationships, we are excited to partner with the BPL Group to build a high quality medical device leader in India.”
The deal follows Goldman’s decision to invest $110m in Indian cable distributor DEN Networks earlier this month to fund its growth plans.
DEN currently serves around 11 million households in more than 150 cities in India.
Goldman already holds stakes in Indian medical businesses Nova Medical and Max India.
The firm has made about $2bn of private equity investments in the country since 2006.
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