Temasek to buy India's Care Hospitals for S$378m, say reports

Temasek Holdings is set to acquire a controlling 72 per cent stake in India's Care Hospitals, according to media reports.
Temasek Holdings is set to acquire a controlling 72 per cent stake in India's Care Hospitals, according to media reports.PHOTO: REUTERS

SINGAPORE - Temasek Holdings is set to acquire a controlling 72 per cent stake in India's Care Hospitals, the country's fifth largest private healthcare network, for 18 billion rupees (S$378.4 million), according to media reports.

The stake will be purchased from the hospital chain's current owner, US private equity firm Advent International, said reports in the Economic Times and Times of India.

The reports said Temasek had earlier teamed up with TPG Growth to form a consortium but the latter opted out of the race a few weeks back because of pricing and other unspecified matters.

Once completed, this will arguably be the first time that Temasek acquires a controlling stake in an Indian company on its own, said the Economic Times. Temasek had earlier this year joined hands with Advent to buy the consumer division of Crompton Greaves.