Temasek to buy 72% stake in India's Care Hospitals for 18b rupees: report

TEMASEK Holdings will buy a 72 per cent stake in Hyderabad-based Care Hospitals from US-based private equity firm Advent International for 18 billion rupees (S$378.9 million), The Economic Times reported on Tuesday.

According to the report, Temasek had earlier teamed up with TPG Growth to form a consortium but the latter opted out a few weeks ago because it was uncomfortable with the pricing, among other things.

Care Hospitals runs a network of 17 hospitals with 2,400 beds across nine locations, The Economic Times said.

A formal announcement of the deal is expected in the next seven to 10 days, the Indian daily business newspaper reported.