IMAP India advised Johari Digital Healthcare on the sale of 51% of the business to India’s leading electronics manufacturing solutions (EMS) company, Syrma SGS Technology Ltd for a consideration of $32mn.
Johari Digital Healthcare Ltd (“JDHL”) is a 4-decade-old company that has built a reputation as a designer and manufacturer of non-invasive medical devices. Catering to global clientele, the company has a multi-location design team with manufacturing operations in India. Its manufacturing facility is FDA & MDSAP certified; JDHL also provides regulatory support to its clients for product certifications.
Syrma SGS Technology Ltd (“Syrma SGS”) is among the larger EMS companies in India with 13 manufacturing plants and over 7500 employees. The company listed in 2022 and currently trades at a$1bn+ market cap. In the last financial year, the company achieved sales of over $250mn.
Manufacturing in India has seen strong growth due to a surge in domestic demand as well as a shift in global supply chains. The IMAP team has been tracking this sector; JDHL’s growth, high margins and technical capabilities made the company a strong fit for Syrma SGS as it was keen to expand its portfolio in medical electronics.