Actis To Sell Stake In Sterling Hospitals – Actis wants to exit Sterling Hospitals, a Gujarat-based multi-speciality hospital chain with six centres, and has roped in JM Financial as advisor. Actis holds 80 per cent in Sterling with the rest held Paras promoter Girish Patel. Talks are on with strategic investors and hospital chains such as Fortis and Apollo, besides international players like Parkway Hospitals. PE players with an interest in healthcare, such as Advent International, Carlyle and Apax Partners, are also likely to be approached. Sterling Hospitals has revenue of Rs 250 crore a year and an EBITDA of Rs 25-30 crore. The deal is likely to be struck at an enterprise value (EV) of Rs 450-500 crore. (Business Standard)
Catamaran, Reliance Venture Invest In Healthcare Chain – NR Narayana Murthy’s venture capital firm Catamaran, the Anil Ambani Group’s Reliance Venture Asset Management, US-based BlueCross BlueShield Venture Partners and few angel investors have invested Rs 20.5 crore in Mumbai-based healthcare services provider Wellspring Healthcare. Mumbai-based Wellspring will use the money to create a chain of clinics under the brand name of ‘Healthspring Community Medical centres’ in Mumbai and roll it out nationally later. (Economic Times)
Max Healthcare To Sell 26% Top Strategic Investor – Max Healthcare, the 1,100-bed hospital subsidiary of Max India Group, is likely to enter into an equity-cum-strategic alliance with a private equity (PE) firm-backed global hospital major. Under the proposed transaction, the potential strategic investors will pick up a significant minority stake, which will be over 26% in Max Healthcare. The proposed transaction is likely to be at an equity value of around Rs 1,500 crore for Max Healthcare, which is a significant premium to the exit price that Warburg Pincus charged from Max India. (Economic Times)
Welspun Infratech To Raise $100M – Welspun Infratech, a unit of pipe maker Welspun Corp, may raise $100 million, or Rs 450 crore, through a private equity placement to fund its future development projects. The Welspun group, with a presence also in textiles, oil & gas and energy, forayed into infrastructure in March 2010 with Welspun Infra’s plan to acquire 75% of MSK Projects through an open offer at a cost of Rs 400 crore. Nine months later Welspun Infra through a subsidiary bought 35% in Leighton Contractors India for Rs 470 crore. (DNA)
McCormick Eyes More JVs, Buys In India – After three ventures in India, US-based spice and seasonings major McCormick is now eyeing more. The company, with its revenues in excess of $3 billion, is looking to invest in the branded packaged foods space in the country by making an acquisition or getting into a joint venture with a local company. McCormick recently formed a JV with Delhi-based Kohinoor Foods, investing $115 million. (Business Standard)
Ushdev Power To Buy Wind Energy Firm, Raise Funds – Ushdev Power Holdings, arm of metal trading house Ushdev Industries, is looking to buy out a bankrupt wind power company listed on London’s Alternative Investment Market (AIM). Buying an already listed entity could provide an avenue to raise funds for Ushdev, in addition of adding 42 Mw of operating wind capacity to its portfolio. The total value of the company to be acquired could be $20 million. Ushdev is also exploring alternative options like private equity and has mandated ICICI Securities. (Business Standard)
Sandeep Das May Head StanChart Private Banking in India – Standard Chartered Bank is likely to appoint Sandeep Das as head of its private banking business in India as the position has been vacant since Soumya Rajan left. Earlier this month, it appointed Sanjeeb Chaudhuri, who was with Citibank, as the regional head for South Asia and group chief marketing officer for consumer banking. Das is currently heading StanChart’s premium banking business. He was earlier the head of the wholesale banking division. (Business Standard)
Milestone Capital Invests Rs 100Cr In Ackruti Project – Private equity (PE) firm Milestone Capital Advisors Ltd has invested Rs.100 crore in a suburban Mumbai residential project, being developed by Ackruti City Ltd, in the fund’s first investment from its latest real estate fund. Ackruti is likely to raise an additional Rs.300-400 crore for its projects, according to analysts. The transaction is a structured debt transaction with a fixed period for repayment.