KKR-backed Radiant may merge with Max Healthcare; Motherson eyes Germany’s Leoni
Photo Credit: Manni Das/VCCircle

Hospital chain Radiant Life Care Pvt. Ltd, backed by private equity firm KKR & Co., is in advanced discussions to merge with another hospital chain, Max Healthcare Institute Ltd, The Economic Times reported.

Citing two people aware of the development, the report said Max Healthcare will be split from Max India. Max India houses investments in health verticals, including Max Healthcare, health insurance joint venture Max Bupa and Antara Senior Living.

KKR will hold 50% stake in the combined business (of Max Healthcare and Radiant), which will be listed, according to the report.

Analjit Singh, the promoter of Max Group, and Abhay Soi, chairman of Radiant Life Care, will hold 15% stake each in the ultimate listed entity. The remaining 20% stake will be held by the public shareholders of Max India.

The transaction could value Max Healthcare at about Rs 5,500 crore, the report said.

In September, Radiant Life Care had agreed to buy the entire 49.7% stake of South Africa-based Life Healthcare Group Holdings in Max Healthcare Institute Ltd for $293 million.

Meanwhile, automobile component maker Motherson Sumi Systems Ltd is in talks to acquire Germany-based automotive cable maker Leoni AG, The Economic Times reported, citing two people aware of the development.

The report said the deal structure is not yet finalised.

The sales of Leoni Group stood at 4.9 billion euros for 2017, according to its website.

Leoni manufactures automotive cable and components, assembly and harnesses, and cable systems. Its customers include Audi, BMW, Schneider Electric and Caterpillar.

Motherson Sumi is the flagship company of the Samvardhana Motherson Group. Japan’s Sumitomo Wiring Systems holds a minority stake in the company. The company has presence in 36 countries across the globe.

Separately, Flipkart co-founder Binny Bansal has teamed up with a former Flipkart executive Saikiran Krishnamurthy and started a new venture called xto10x Technologies, The Economic Times reported.

Citing people aware of the development, the report said the company will offer consulting services and technology tools to growth-stage startups.

The venture is looking to hire employees by the next month, the report said.

In November, Bansal had resigned as group chief executive officer of Flipkart following an independent probe into allegations of “serious personal misconduct”.

In September, Krishnamurthy had resigned as the senior vice-president of growth at cab-hailing firm Ola.

Krishnamurthy had joined Flipkart as its chief operating officer in 2015, was later appointed as the head of the company’s supply chain vertical, which included eKart and after-sales platform Jeeves. He had resigned from Flipkart in January 2017.

An IIM-Ahmedabad graduate, Krishnamurthy had been with global consultancy McKinsey for over 15 years before joining Flipkart.

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