Midmark Corporation, a manufacturer of medical and dental equipment, has increased its equity share in Janak Healthcare by 18%. The transaction makes Janak a subsidiary of Midmark.
“Increasing our stake in Janak to a majority interest underscores our continuing commitment to the healthcare market on a global scale,” said Anne Eiting Klamar, Midmark’s president and CEO.
“We believe Janak will continue to progress faster as a result of our continued collaboration with Midmark Corporation,” added Madhusudan Joshi, the CEO of Janak.
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Janak manufactures and exports hospital beds and medical furniture. Midmark initially acquired a minority stake in the company in January 2009.
Majmudar & Co acted as Indian legal counsel to Midmark, providing guidance on corporate issues, drafting, negotiating and executing the deal documentation. Attorneys Akil Hirani, Anup Khanna and Anthony Toppo worked on the deal.
Private equity players and foreign investors are quickly realizing the potential that India offers in the healthcare sector, both in terms of the demand for sophisticated medical equipment and the availability of low-cost manufacturing. “India continues to be a growing market and considering that the government has liberalized the micro and small enterprise sector, multinational companies are interested in investing in healthcare manufacturing companies, such as Janak,” Khanna told India Business Law Journal.
Malvi Ranchoddas & Co represented Janak on the deal.
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