Actis Plans To Exit Sterling Hospitals

Actis is looking at selling its stake in Gujarat-based Sterling Addlife India Ltd, which runs Sterling Hospitals.

Actis holds 80% in the company and the rest is held by Girish Patel, former promoter of Paras Pharma.

In 2006, Actis invested $15.5 Mn (Rs. 69 Cr) for 41% stake in the company and later raised its stake to 80%.

JM Financial is advising Actis on the deal.

Transaction Reference: Business Standard

Established in 2001, hospital chain Sterling Hospitals has three multi-specialty tertiary care hospitals, one each at Ahmedabad (310-bed), Vadodara (160-bed), Rajkot (190-bed) and Bhavnagar (183–bed) with high-end secondary care setup at Mundra SEZ (114-bed) and at Adipur (70-bed). It also has a satellite center at Mehsana.

In 2006, Actis bought 23% in Paras Pharma for $43 Mn which was later increased its stake to 63% with total investment of $150 Mn. In 2010, it sold its entire stake for $726 Mn (Rs 2,100 Cr).

Recently, Catamaran Venture Fund, Reliance Venture Asset Management, US-based BlueCross BlueShield Venture Partners and few angel investors have invested Rs.20.5 Cr in Mumbai-based Wellspring Healthcare Pvt Ltd in its first round of funding; while Bangalore-based Vaatsalya Healthcare Solutions Private Limited has raised $10 Mn in its third round of PE funding from Aquarius India Fund and existing investor Seedfund.

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