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Deals Buzz: Temasek to buy Rs1,000 crore stake in Manipal Hospitals

LiveMint logoLiveMint 18-09-2017 Kavya Kothiyal

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Warburg Pincus to buy 20% stake in Indira IVF Hospital

American private equity (PE) fund Warburg Pincus Llc is in the final stage of negotiations to acquire a minority stake in leading fertility hospital chain Indira IVF Hospital Pvt. Ltd, reports Mint, citing two people close to the development. Indira IVF will sell about 20% stake for Rs700 crore, the first of the two people said, which would value the company at Rs3,500 crore. Read more

Fosun to buy 74% stake in Gland Pharma for $1.1 billion in revised deal

Shanghai Fosun Pharmaceutical Group Co. Ltd, a unit of China’s Fosun Group, has agreed to acquire 74% of Indian drug company Gland Pharma Ltd for $1.1 billion, the Chinese drugmaker said on Sunday, reviving a deal that was widely speculated to have been blocked by the Indian government, reports Mint.

Mint was the first to report in August that the shareholders of Gland Pharma, including buyout firm KKR and Co., were considering selling a stake of up to 74% under the automatic approval route to Fosun International after failing to secure government approval for an 86% stake sale. The new structure was being considered as an alternative, in case approval for the deal, pending before the Cabinet Committee of Economic Affairs (CCEA), did not come through, Mint reported. Read more

Catholic Syrian Bank plans QIP to raise up to Rs400 crore

Kerala based-Catholic Syrian Bank (CSB) Ltd is looking to raise as much as Rs400 crore by selling shares to financial institutions, following the collapse of its plan to sell a major stake to Prem Watsa-owned Fairfax Financial Holdings Ltd over differences in valuation, reports Mint. The bank plans to raise money through a qualified institutional placement (QIP), where listed companies sell shares, fully and partly convertible debentures, or any security other than convertible warrants, to a qualified institutional buyer. Read more

BPCL eyes government stake in GAIL India for Rs18,000-20,000 crore

State-run Bharat Petroleum Corp. Ltd (BPCL) is in talks with the country’s largest natural gas transporter GAIL (India) Ltd to acquire the government’s majority stake in it for Rs18,000-20,000 crore. Three people with direct knowledge of the discussions told Mint, on the condition of anonymity as the talks are at a nascent stage and the government has not formally approved the plan. Read more

Cognizant draws up plans to strike 5-10 deals a year

Cognizant, which has been looking to accelerate its pace of acquisitions, is targeting between five and 10 deals a year, the company’s chief financial officer told investors in New York, reports Economic Times. Cognizant and Wipro have been among the most aggressive acquirers in the Indian IT sector. Read more

HPCL plans Rs61,000 crore investment in 5 years

Hindustan Petroleum Corp. Ltd plans to invest Rs61,000 crore in five years ending 2022 to scale up its refining and marketing operations. The state-run oil marketing company plans to invest Rs7,110 crore this fiscal against Rs5,860 crore in FY17, its chairman Mukesh Surana has said, reports Economic Times. Read more

Government to sell Air India properties owned by them

The government has decided to sell some of Air India’s real estate directly to expedite the state-owned carrier’s divestment. This follows the discovery that some of the assets are not owned by the carrier but on a 99-year lease from the government, reports Times of India. Read more

Temasek to buy Rs1,000 crore stake in Manipal Hospitals

Singapore’s Temasek Holding has agreed to acquire Rs1,000 crore stake in Manipal Hospitals in a deal that possibly turns the Bengaluru-based private healthcare network into an industry consolidator. Temasek’s investment committee last week approved a transaction to buy existing private equity investor True North’s 16% stake in Manipal Health Systems, which runs a hospital chain of around 5,000 beds. The move values Manipal at $1 billion, or Rs6,500 crore, reports Times of India. Read more

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