MUMBAI: Gujarat-based Evexia Lifecare, a prominent player in the fast-moving consumer goods (FMCG) sector, is embarking on a significant global expansion through the acquisition of a 51 per cent stake in Vittal’s MediCare Private Limited, a diagnostics company located in the UAE.
Valued at Rs35 crores, this acquisition will establish Vittal’s MediCare as a subsidiary of Evexia Lifecare. The strategic move is indicative of Evexia’s commitment to growth and diversification within the healthcare industry.
By integrating Vittal’s MediCare’s capabilities, Evexia Lifecare will enhance its diagnostic services—an essential aspect of contemporary healthcare delivery.
In tandem with this acquisition, Evexia Lifecare’s wholly-owned subsidiary, Evexia Lifecare Africa Limited, has entered into an ambitious agreement to invest Rs190 crores in ten UAE-based Limited Liability Companies (LLCs) specialisng in medical diagnostics and healthcare services.
The investment positions Evexia to acquire a 51 per cent stake in a newly formed Special Purpose Vehicle (SPV), which will consolidate the operations of these entities, thereby expanding Evexia’s footprint in a rapidly growing market. The combined sales of these LLCs reached Rs278.8 crores for the fiscal year 2022–2023, signaling substantial growth potential.
Company’s strategy
The SPV will focus on delivering high-quality medical care across various specialties, including internal medicine, gynecology, and cardiology. This initiative aligns with Evexia’s objective of improving healthcare accessibility throughout the Gulf Cooperation Council (GCC) region, particularly in response to the increasing demand for healthcare services.
Managing Director Jayesh Thakkar articulated Evexia’s vision, stating, “These strategic acquisitions are part of Evexia’s long-term vision to become a global leader in healthcare solutions.” His comments highlight the company’s strategy to broaden its service offerings while establishing itself as a key player in affordable, high-quality healthcare delivery.
Both transactions, anticipated to conclude within 45 days pending regulatory approvals and final agreements, represent a pivotal moment for Evexia Lifecare. By capitalising on growth opportunities in India and the UAE, Evexia is well-positioned to meet the evolving needs of the healthcare market.
As the healthcare landscape continues to expand rapidly in the UAE, Evexia’s strategic initiatives are set to transform its operational framework, enhancing revenue growth and global market presence.
