Investors in the medical group Aster DM are in talks to sell a 30 percent stake in the company’s Indian arm for about $300 million, two people familiar with the matter said, in what is the latest potential deal in India’s booming healthcare sector.
Registered in Mumbai and headquartered in the UAE, Aster operates 32 hospitals, 127 clinics and 521 pharmacies in India and the UAE. Reuters reported last month that ongoing talks are over the company’s India division as Aster is trying to spin off its Gulf business and sell a majority stake.
Two sources said Aster and its advisors have approached privately held KKR & Co and Max Healthcare Institute, one of India’s largest hospital chains, for initial talks about a possible sale of the investor stake.
Aster’s investors considering the sale are Olympus Capital, which owns a 19% stake, and Mauritius-based Rymco Investments, which owns a 12% stake.
Two sources, who declined to be named because the talks are private, said Astaire had appointed New York-based investment bank Moelis & Company to manage the deal.
Representatives for KKR and Olympus declined to comment, while Aster, Remco and Mollys & Company did not respond to Reuters requests for comment.
In the fiscal year ended March 31, Aster’s revenue increased 16% to $1.46 billion and net income reached $51.36 million.
This Article Aster India Stake Sold by Investors for $300 Million was first Published on World Weekly News
Source: Aster India Stake Sold by Investors for $300 Million
Category: Business, Aster, INDIA, Investors, million, sold, stake
