Warburg Pincus has agreed to pick up a minority stake for USD 210 million (about Rs 1,575 crore) in Micro Life Sciences, the parent firm of the Meril Group, which is the most significant medical devices firm in the country.

Warburg said the transaction, awaiting CCI approval, will be carried out through its affiliate South Elm Investments.

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Founded by the Bilakhia family, Meril is a fast-growing medical devices firm that designs, manufactures and distributes clinically relevant and state-of-the-art medical devices.

With R&D facilities, manufacturing capability, distribution reach, Meril has market leading position across several categories.