MUMBAI: Private equity-backed mid-tier rivals, DM Healthcare and HealthCare Global (HCG), are making offers to acquire Ahmedabad-based Sterling Hospitals after its majority owner Actis called for fresh bids to sell the healthcare network.
The UK-based private equity fund Actis, which owns an 80% stake in Sterling, expects bids by August 14. Kotak Mahindra Investment Banking is managing the sale process.
Singapore government-owned investment firm Temasek-backed HCG and DM Healthcare, in which Olympus Capital is a significant investor, are said to be serious bidders, sources briefed on the matter told TOI. DM Healthcare's CMD Azad Moopen and HCG's founder & chairman B S Ajaikumar declined to comment on the development.
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