Ranjan Pai-led Manipal Hospitals is set to acquire hospital chain Medanta for Rs 5,800 crore ($835 million) after two years of negotiations, The Economic Times reported, citing two people aware of the development.
Besides the Medanta promoters, existing investors Carlyle and Singapore-based Temasek will also exit the hospital chain, the report said.
Manipal's investors, TPG and Temasek, will also participate in this acquisition, the report said.
Cardiac surgeon Naresh Trehan, his family members and co-founder Sunil Sachdeva own a 55% stake in Medanta.
The report said that the documentation work has begun along with due diligence process and that an agreement is likely to be signed within 60 days.
In another development, digital payments firm PhonePe is in talks with China's Tencent and US-based Tiger Global to raise as much as $1 billion, a media report said.
PhonePe, a unit of Walmart-owned online retailer Flipkart, is seeking a valuation of about $7-8 billion, The Times of India reported, citing three people aware of the development.
The report said that it could take another two to three months to close the deal.
Flipkart had acquired PhonePe three years ago. PhonePe competes with the likes of Alibaba-backed Paytm and Amazon Pay in the growing consumer wallet market in India.
Meanwhile, online-to-offline eyewear retailer Lenskart is in talks with SoftBank Vision Fund to secure $350 million in fresh funding round at a valuation of $1.3 billion, The Economic Times reported, citing two people with knowledge of the matter.
If the deal goes through, it would mean that the company's valuation has more than doubled from the $495 million level it touched last year when it raised funding from Steadview Capital and other investors.
The report also said that Steadview Capital has increased its stake in Lenskart by picking up stakes from Ronnie Screwvala and TR Capital for $12-20 million.
The report also said that SoftBank wanted to invest a bigger amount in Lenskart to help it aggressively expand outside India but the company did not agree.
Lenskart plans to open 50-60 stores within three years in Singapore, where it recently entered, before entering the Philippines, Taiwan and West Asia.
SoftBank's interest in Lenskart after talks with private equity firm Carlyle failed due to valuation mismatch, the report said.