Swedish global investment firm EQT is acquiring a controlling stake in Indira IVF, the country’s largest fertility services provider, for an undisclosed sum.

An Asian arm of EQT-BPEA Private Equity Fund VIII (BPEA EQT) will be acquiring the stake from TA Associates and the company’s founders — Ajay Murdia, Kshitiz Murdia and Nitiz Murdia, who will retain a significant minority stake and continue to lead the company. While TA Associates held 47 per cent, the promoters had a stake of 53 per cent.

While a statement from EQT was silent on financial details, it is learnt that the transaction has valued Indira IVF at over Rs 9,000 crore.

Indira IVF was founded by Ajay Murdia in 1988 and has improved its presence from a single clinic to a nation-wide network spanning 116 centers across 20 states in India.

The company is the market leader within assisted reproductive technology (ART) services in India and completes close to 40,000 IVF cycles annually, making it the largest player in India and among the top five players globally.

“Fertility services and reproductive health is a large opportunity in India and Indira IVF is a pioneer in this space… We see strong potential in further expanding Indira IVF’s presence across India and entering adjacent markets,’’ Ashish Agrawal, partner at BPEA EQT, said.