Saraf and Partners has acted for Fortis Healthcare in relation to the $207 million acquisition of a 31.5 percent equity stake in its subsidiary, Agilus Diagnostics, from three private equity investors.

Talwar Thakore & Associates advised the exiting PE investors, namely NYLIM Jacob Ballas India Fund III, Resurgence PE Investments, and International Finance Corporation (IFC). 

The investors exercised their exit option in August of the previous year. Following this acquisition, Fortis's ownership in Agilus increased from 57.68 percent to 89.2 percent.

In 2023, Agilus had filed a draft red herring prospectus for an initial public offering (IPO) that facilitated the exit of NYLIM, Resurgence, and IFC through an offer for sale. However, this plan was shelved early last year.

The healthcare sector has seen significant dealmaking in the first month of 2025, including OneSource Specialty Pharma’s $100 million pre-IPO fundraise and Asian healthcare-focussed PE firm Quadria Capital’s $100 million investment in Aragen Life Sciences. TT&A had advised Quadria on the deal. 

In 2024, the pharmaceutical, healthcare, and biotech sectors in India achieved a total deal value of $3.8 billion, largely driven by high-value transactions and substantial private equity investments, which accounted for 68 percent of the volume and 65 percent of the total value, according to insights from Grant Thornton.

The Saraf transaction team was led by senior partner Vaibhav Kakkar, along with partners Sahil Arora and Debarpan Ghosh. The banking and finance team was led by partner Rohit Raghavan, while the competition team, which guided the deal through CCI approval at the end of last year, was led by partner Akshayy S Nanda.