BENGALURU – Singapore’s Temasek is in advanced talks to buy a minority stake in Cloudnine Hospitals, valuing the Indian hospital chain at 30 billion rupees (S$485.3 million), India’s Economic Times (ET) reported on Thursday.

The state investment company is likely to invest around 5 billion rupees for a 15 per cent to 20 per cent stake in the maternity, gynaecology and paediatric hospital chain through its Sheares Healthcare unit, ET said, citing two people with knowledge of the development.

Apart from Temasek, existing investor NewQuest Capital will increase its stake in the Bengaluru-based company with an investment of about 2 billion rupees, the report said.

Temasek, Cloudnine and NewQuest did not immediately respond to Reuters’ requests for comments.

Cloudnine had reportedly planned an initial public offering in February 2022 to raise 12 billion rupees, but postponed that plan due to market volatility. REUTERS