Updated on 11 February 2015
The deal values the privately owned chain at $350 million
Singapore: According to sources, Malaysia's IHH healthcare and the US private equity firm, TPG capital Managemnet are vying to buy controlling stake in India's Global Hospitals, valuing the privately owned chain at $350 million.
Global Hospitals operates five hospitals and three smaller ones across Mumbai, Chennai, Bangalore, and Hyderabad with more than 2,000 beds, according to the company's website.
Private hospitals in India enjoy a better patient rating in comparison to the ill-equipped public hospitals in the country. Many analysts expect private healthcare providers to see growing investor interest, given that India's public spending on health is among the lowest in the world.
The deal would be TPG's largest acquisition to date in Indian healthcare, the Reuters reported. For IHH, who are Asia's largest hospital operators by stock market value, an investment into Global Hospitals would mark further expansion as it already owns a 11 percent stake in Apollo Hospital Enterprises, India's largest private hospital chain.