Cyrix Healthcare, backed by private equity firm Somerset Indus Capital Partners, has acquired the medical technology solutions business of air conditioner maker Blue Star Ltd.
The Kochi-based company said it acquired the medtech solutions business of Blue Star Engineering & Electronics Ltd (Blue Star E&E), effective September 1, 2026, to strengthen its capabilities across medical imaging, equipment sales, installation, maintenance, repairs, refurbishment and lifecycle management.
The medtech management platform did not disclose the terms of the transaction.
However, Mumbai-listed Blue Star said in a stock exchange filing that its subsidiary, Blue Star E&E, sold the business for Rs 40 crore ($4.2 million) as a going concern on a slump-sale basis.
The acquisition is part of Cyrix's growth strategy to expand its capabilities and scale through a combination of organic growth and acquisitions. The company aims to build a comprehensive medtech management platform across India, the Middle East and Africa.
Blue Star E&E’s medical technology solutions team has expertise across CT and MRI systems, including sales, clinical applications, installation, maintenance, repairs and equipment management. The team has worked on more than 250 CT and MRI installations, adding to Cyrix’s capabilities across the medical imaging lifecycle.
The business generated revenue of Rs 42.13 crore in FY26, accounting for around 0.33% of Blue Star's consolidated income from operations, according to the exchange filing.
The acquisition will also strengthen AURUM, Cyrix’s refurbished medical equipment business, particularly in refurbished CT and MRI systems. The combined platform will provide greater access to refurbished equipment, spare parts and accessories, supported by Cyrix’s warehouse and service network across India, the company said. Further, the deal strengthens Cyrix’s ability to build scale and pursue strategic opportunities across the medtech value chain.
Cyrix Healthcare helps healthcare providers manage medical technologies across their complete lifecycle through a single accountable partner. Its capabilities include multi-vendor installation and maintenance, calibration, quality assurance, repairs, refurbishment, lifecycle planning, digital asset management, product solutions and technical expertise.
"We see strategic M&A as an important lever for building scale and strengthening capabilities in healthcare and the acquisition of Blue Star E&E’s medtech solutions business is a strong example of this approach in action," said Mayur Sirdesai, co-founding partner, Somerset Indus Capital Partners.
"By adding established medical imaging capabilities to its broader total medtech management offering, Cyrix is well positioned to build a more differentiated and comprehensive platform, while expanding its ability to serve healthcare providers across India and, over time, the wider region," he added.
