Win-Medicare14 Apr 2026 17:01
Bit of info
Umesh Modi Group’s Win-Medicare Pvt Ltd (WMPL), the maker of household brands like Betadine and Movicol, is looking to sell a minority stake in a deal valued between $150 million and $200 million, according to three sources familiar with the matter. The company has appointed EY as its advisor to lead the search for potential buyers, they said.
“About $100 million is likely to be secondary, with the parent entity expected to offload a minority stake, while the remaining component would be primary but subject to the company’s expansion plans,” two of the people cited above said on the condition of anonymity.
The third person said, “The deal was launched about two months ago and several private equity firms have been tapped as part of the process. The Modi Group has sought an overall valuation of about ₹3,000-4,000 crore for the subsidiary, which is clocking a little over ₹1,000 crore in revenue.”
Win-Medicare and EY had not responded to Mint's requests for comment at the time of publishing.
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Established in the early 1980s, WMPL sells formulations in various therapeutic segments, including antiseptic, analgesic, gastroenterology, gynaecology, dermatology, neurocare, and protein supplements. It claims to be among India’s fastest-growing pharmaceutical companies, with a robust domestic presence and a growing footprint across Asia and Africa.
Its diverse portfolio also spans other therapy areas such as hepatology, scar management, urology, and footcare. With three manufacturing plants and an expansive distribution network, the company markets and distributes its over-the-counter healthcare products in India through Win-Healthcare, established
in 2005. It markets products such as Mederma, a market leader in the anti-scar segment, Jungle Formula, an international mosquito repellent brand, the Pheet footcare brand from Dermatonics (UK), and Physiomer, a natural nasal care solution.
WMPL also has a subsidiary in Bangladesh that formulates drugs, which commenced operations in 2012. Over the years, Win-Medicare consolidated its subsidiaries Mundipharma (Bangladesh) Private Limited and Mundipharma Trading Bangladesh Private Limited, according to a Crisil report.
In 1990, Modi-Mundipharma Pvt Ltd (MMPL) was incorporated as an equal joint venture between the Umesh K Modi group, India, and the Mundipharma group, Switzerland, and subsequently acquired WMPL. MMPL also sells formulations in various therapeutic segments, including, respiratory, cardiology, gynaecology, pain relief, and other chronic therapy segments. The joint venture also manufactures, markets, and distributes Revlon cosmetics, hair color, and personal care products in India under its beauty products division.
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