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Investors in Aster DM Healthcare Group in Talks to Sell 30% Stake in Indian Unit
Investors in Aster DM healthcare group are in talks to sell a 30% stake in the company’s Indian unit for about $300 million, two sources familiar with the matter said, the latest potential deal in India’s burgeoning healthcare sector.
About Aster DM Healthcare Group
Listed in Mumbai and headquartered in the United Arab Emirates, Aster operates 32 hospitals, 127 clinics and 521 pharmacies in India and the United Arab Emirates. Reuters reported last month that the talks in course related to the unit of the company in India and arrive as Aster looks to spin off its Gulf business and sell a majority stake.
The two sources said Aster and his advisers had approached the companies private KKR & Co and Max Healthcare Institute, one of India’s largest hospital chains, for initial talks on a possible sale of the investors stake.
Investors Involved in the Talks
Investors in Aster considering a sale are Olympus Capital, which has a 19% stake, and Mauritius-based Rymco Investments, which has a 12% stake.
The two sources, who declined to be named because the discussions are private, said Aster had hired New York-based investment bank Moelis & Company to handle the deal.
Comments from Various Parties
Spokespersons for KKR and Olympus declined to comment, while Aster, Remco and Mollys & Company did not respond to Reuters requests for comment.
Revenue and Net Income
In the fiscal year ended March 31, Aster’s revenue increased 16% to $1.46 billion, while income reached $51.36 million.
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