IHH Healthcare to buy stake in Indian hospital chain

IHH Healthcare Berhad, through its indirect wholly owned unit, Gleneagles Development, agreed to acquire a 73.4 per cent stake in Ravindranath GE Medical Associates Pte Ltd (Global Hospitals) for 12.84 billion Indian rupees (S$273 million).

As part of the transaction, IHH will also capitalise the India-based private hospital chain with 2.65 billion rupees to fund its capital expenditure and to optimise its current cost of borrowing.

Pending necessary approvals and satisfaction of certain conditions, the deal is expected to close within three months.