December 2, 2023

Healthcare Global

Splash Healthcare Global All Over

KKR, Temasek eye hospital buyouts; Binny Bansal may invest in PhonePe

Grapevine: KKR, Temasek eye hospital buyouts; Binny Bansal may invest in PhonePe

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Max Healthcare Institute and private equity firm KKR & Co are in talks with TPG to buy Care Hospitals after earlier frontrunner Blackstone pulled out due to a valuation mismatch, a media report said. 

The development follows a full-blown auction process that ran for several months, drawing interest from Temasek-backed Shears Healthcare, CVC Capital, Carlyle and Torrent Group, The Economic Times reported, citing people with knowledge of the matter. 

TPG’s Evercare platform had, in 2018, acquired the healthcare portfolio of the UAE’s Abraaj Growth Markets Health Fund, which owned a majority stake in Care Hospitals. 

Manipal Health Enterprises is set to buy Emami Group’s stake in AMRI Hospitals at a valuation of Rs 2,350 crore in the next few days, Business Standard reported. 

Subsequently, Singapore state investment firm Temasek will buy a controlling stake in Manipal Health at a valuation of $4 billion (Rs 32,800 crore), the report said, citing banking sources. 

Manipal, Emami and Temasek declined to comment, the report said. 

International Gemological Institute 

Blackstone, CVC Capital Partners and Goldman Sachs are among several bulge-bracket global private equity funds weighing bids to buy a controlling stake in the International Gemological Institute (IGI), The Economic Times reported, citing two people with direct knowledge of the deal. 

The deal could value the world’s biggest independent diamond-grading firm anywhere between $250 million and $300 million, the report said. 

Founded in 1975, the Antwerp-based IGI provides grading certifications for diamonds, coloured gemstones and jewellery for clients worldwide. 

Flipkart co-founder Binny Bansal is in talks to invest about $100-150 million in PhonePe as part of an ongoing financing round at the digital payments company, The Economic Times reported, citing people with knowledge of the matter.  

PhonePe has already raised nearly $450 million in primary capital from PE major General Atlantic and several VC investors including Tiger Global and Ribbit Capital, in the current round at a valuation of $12 billion, the report said. 

Lalbhai group-promoted Arvind as well as Donear, Welspun and JM Financial are among a dozen suiters to acquire textile maker Bombay Rayon Fashion, which is undergoing insolvency proceedings, according to a stock-exchange filing. 

Donear Group’s GBTL has bid for all assets while Arvind has bid for all categories except equity of BRFL Textile, according to a list of applicants disclosed by resolution professional Satish Kumar Gupta on the company’s website. 

Lenders to Asian Hotels (West) have received seven expressions of interest, including from a K Raheja Group entity, Devvrat Developers and Panchshil Corporate Park, said two people aware of the development, The Economic Times reported. 

Mumbai-listed Asian Hotels (West), which operates Hotel Hyatt Regency near the Mumbai airport, was admitted into insolvency last September.