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Temasek eyes stake in Asia Healthcare; Ratan Tata may invest $150 mn in Ant Financial
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Singapore state investor Temasek Holdings is in advanced discussions to pick up 30-35% stake in Asia Healthcare Holdings, a healthcare platform of TPG Growth, for $100 million, The Economic Times reported, citing two people aware of the development.

The funds from the stake sale will be used for growth capital, the report added.

TPG Growth is the middle-market and growth-equity investment platform of global alternative asset firm TPG.

Asia Healthcare currently holds TPG Growth’s investments in Rhea Healthcare Pvt. Ltd, which runs a hospital chain under the Motherhood brand; and Cancer Treatment Services International.

In April 2016, TPG Growth had picked up a 65% stake in Cancer Treatment Services for $33 million. In July 2016, TPG Growth had invested $33 million in Rhea Healthcare for a significant majority stake.

Asia Healthcare is also in talks with Warburg Pincus and some global pension funds, according to the report.

TPG Growth has given the mandate to Kotak Investment Banking to find a buyer.

Separately, Tata group chairman emeritus Ratan Tata’s RNT Capital Advisors will participate in a $10-12 billion funding round at China’s Ant Financial Services Group, an affiliate of online shopping giant Alibaba Group, by investing about $150 million, The Economic Times reported, citing two people in the know.

RNT Capital will make the investment from UC-RNT Fund, a joint venture between Tata and University of California Investments.

The investee portfolio of UC-RNT Fund includes health and fitness startup CureFit, homegrown cab aggregator Ola, mobile point-of-sale services provider Mswipe.

Earlier in the day, Reuters reported that Zomato-backer Ant Financial, operator of China’s biggest online payment platform, has raised around $14 billion from investors including Singaporean sovereign fund GIC, Temasek and US private equity firm Warburg Pincus.

Citing a statement from Ant Financial, Reuters said the funds would be used to speed up globalisation plans for the firm’s Alipay payment platform and for developing technology.

In another development, Bengaluru-based automobile components maker Sansera Engineering Pvt. Ltd appointed investment banks to manage its initial public offering (IPO), Mint reported, citing two people in the know.

The IPO’s size could be Rs 1,400-1,500 crore, the report added.

The IPO would largely be a sale of shares by US-based private asset management firm The Rohatyn Group, a person said in the report.

As on 31 March 2017, the founders owned about 48% of Sansera and Rohatyn 51%.

Rohatyn got the Sansera stake when it acquired Citigroup Venture Capital International in late 2013. Citigroup Inc.’s private equity arm had bought the 51% stake in Sansera in July 2013.

To manage the IPO, Sansera has roped in investment bankers ICICI Securities, Nomura and Credit Suisse, according to the report.

Sansera’s product portfolio includes crank shaft assemblies, rocker arms, gear shifter forks and connecting rods.

Last year, VCCircle had reported that Sansera had met with overseas strategic companies for a potential sale that could result in Rohatyn selling its stake.

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