Temasek acquires 18% stake in Indian hospital operator
Temasek Holdings - an investment arm of the Singapore government - has acquired a 17.74% stake in Global Health, which operates the Mendanta super specialty hospital in Gurgaon, India.
According to a stock market disclosure, the seller was energy and infrastructure firm Punj Lloyd which sold its entire stake of 8.6 million shares. The value of the deal was not disclosed but the The Economic Times has put it at around INR7 billion ($113 million), citing people familiar with the deal.
Medanta was established in 2009 by cardiac surgeon Dr. Naresh Trehan. The company's website claims the 43-acres facility has 1,250 beds, over 350 critical care beds, 45 operation theatres, and caters to over 20 specialities. The hospital has a research center as well as a medical and nursing school.
The Carlyle group acquired a minority stake in the business in December, 2013. The transaction had facilitated the exit of Avenue Capital, an investor in the company since 2009.
This isn't Temasek's first investment in India's healthcare sector. It committed INR1.3 billion to Bangalore-based hospital chain HealthCare Global Enterprises in March 2013. It has also invested in the country's pharmaceutical sector, acquiring a 10.16% stake in Intas Pharmaceuticals from ChrysCapital Partners.
The is also the second Indian healthcare investment in a week after UK development finance institution (DFI) CDC Group invested $48 million in multi-specialty healthcare provider Narayana Hrudayalaya Hospitals.
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