Goldman Sachs, New Enterprise Associates invest Rs298.5 crore in Nova Medical

US banking giant Goldman Sachs and private equity firm New Enterprise Associates (NEA) have jointly acquired a minority stake in Bangalore-based healthcare firm Nova Medical Center for around Rs298.5 crore ($54 million).

Goldman Sachs will invest around Rs220 crore ($40 million) while NEA, an initial investor in the company, will make an add-on investment of Rs80 crore ($14 million).

Goldman Sachs, which has invested more than $2 billion in India since 2006, will get two board seats at Nova Medical.

Menlo Park, California-based NEA, with around $11 billion in assets under management, had earlier invested $15 million in Nova Medical, which was founded in 2009 by New York-based private investment firm GTI Capital Group and India's shoulder specialist Dr Mahesh Nova, said the investments will be used to further expand its specialty surgery and fertility businesses.

Nova owns and operates day/short-stay surgical centers in partnership with surgeons across India and the Middle East.

In August 2011, Nova established a significant presence in the In-Vitro Fertilization (IVF) field by acquiring a majority stake in Pulse Women's Hospital, a well-established IVF clinic based in Ahmedabad, and entered into a joint venture with IVI of Spain, the world leader in IVF technology.