Actis considers Sterling exit
Actis, a London-headquartered emerging markets investor, is set to exit its 80% stake in Gujarat-based Sterling Add-Life Medical Institute, the Business Standard reported, citing sources close to the deal.
Actis is said to be in early-stage talks with industry players for the sale, including Fortis, Apollo and Parkway Hospitals, as well as private equity firms such as Advent International, Carlyle and Apax Partners.
Actis first invested in Sterling in 2006 as a growth capital investment. Sterling operates a 175-bed multi-specialty Sterling Hospital in Ahmedabad, as well as two satellite centers in the area, and the 100-bed Sterling Unity Hospital in Baroda. The company specializes in a range of medical services including accident and emergency care, specialist consultation and surgery for a wide variety of diseases, in addition to managing radiology, pathology, dentistry and ophthalmology facilities.
In December, Actis announced that it would sell its 63% stake in Paras Pharmaceuticals to the UK's Benckiser Group, for a reported 10x return on an investment of $42 million. The deal valued Paras at INR32.6 billion ($726 million), giving Actis approximately $457.4 million. That sale has been touted as one of India's largest healthcare transactions to date.
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