News Roundup: Manipal Health plans to buy a hospital each in Mumbai and Delhi

28 February, 2014

India’s third-largest hospital chain Manipal Health is close to buying a hospital each in Mumbai and Delhi as part of its aggressive expansion plan in the coming six months. The deals will be finalized before May, two executives of the privately held firm said, declining to identify which hospitals they are in negotiations with. Bangalore-based Manipal Health, part of Manipal Education and Medical Group, has drawn an outlay of INR 1,200 crore ($193 million) as it closes on its buyout of an existing 250-300 bed hospital each in Mumbai and Delhi, and build four news hospitals, starting August. One of the executives said that the group “is already in the process of tying-up for the land and buildings” and a deal is expected to be signed in the coming “two three months”. (Economic Times)

NTPC seeks coal-based power assets: NTPC issued an expression of interest (EoI) on Thursday, seeking to buy coal-based power plants, whether operational, commissioned, synchronised, under construction or under planning stages. The state-owned power generator wishes to use its huge cash pile to consolidate its presence as the country’s largest in the sector. EoIs will have to submitted by April 7. Apart from the EoI, a sub-committee of NTPC board was also looking at a few proposals for acquisition, chairman & managing director, Arup Roy Choudhury, had said earlier this month. It had earlier evaluated at least six projects, including Larsen & Toubro’s (L&T’s) Rajpura project in Punjab and all thermal power projects of the debt-laden Jaypee group, beside Shapoorji Pallonji’s imported coal-based plant in Gujarat and state government’s projects in Bihar & UP. (Business Standard)

Renuka Sugars board gives in-principal nod for rights issue: Shree Renuka Sugars Ltd on Thursday said its board has given in-principal approval for issuing shares to existing shareholders through the rights issue to raise INR 725.4 crore ($117 million). Renuka Sugars had announced sale of 27.5% stake in the company to Singapore-based agri-business major Wilmar International Ltd for INR 517 crore ($83 million). “The board gave in-principle approval for issue of equity shares to the existing shareholders on a rights basis at an issue price not exceeding INR 16 per share to raise an amount not exceeding INR 725.4 crore, subject to the applicable laws and regulatory approvals.” WSH and the existing promoters have also announced open offer for up to 26% of the expanded share capital at INR 21.89 per share. (Live Mint)

Courtesy: VCCEdge


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News Roundup: Manipal Health plans to buy a hospital each in Mumbai and Delhi

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