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Warburg, Temasek, CDPQ eye Asia Healthcare stake; Dalmia looks at Murli Industries

27 November, 2017

Asia Healthcare Holdings, the healthcare platform of private equity giant TPG Growth, is looking to raise $80-100 million by selling a minority stake, a report in Mint stated, citing two people aware of the development who did not wish to be identified.

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

Canadian pension fund CDPQ, Singapore state investment firm Temasek, and private equity giant Warburg Pincus are in talks to buy a minority stake in the healthcare platform, the report added.

“TPG Growth is likely to sell 30-35% stake in Asia Healthcare. The deal is expected to value the platform at $285-300 million (Rs 1,800-2,000 crore),” the report quoted one person mentioned above as saying.

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 provider Cancer Treatment Services International.

In April 2016, it 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.

Dalmia Bharat group to acquire Murli Industries
Dalmia Bharat group has submitted a binding offer to acquire debt-laden Murli Industries Ltd, Mint reported citing two people aware of the development who did not wish to be identified.

Murli Industries is facing charges of bankruptcy in the National Company Law Tribunal, the report added.

“The interim resolution professional has received only two external bids and Dalmia Bharat is one of them,” the report quoted one of the person’s mentioned above as saying.

A Nagpur-based businessman is the other bidder, the person added.

Dalmia is seeking a total haircut of close to 80% of the outstanding loans, says the report.

The promoters’ bid for Murli Industries was disqualified following the recent amendment to the Insolvency and Bankruptcy Code. The company has a debt of close to Rs1,800 crore, according to the report.

Incorporated in 1991, Murli Industries has businesses in edible oil refining, pulp, paper, paperboard manufacturing, and cement.

The company has an integrated cement plant with a capacity of 3.2 million tonnes per annum and a power plant of 50 megawatts, according to its website.

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Warburg, Temasek, CDPQ eye Asia Healthcare stake; Dalmia looks at Murli Industries

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