Manipal Hospitals is in final stages of talks to sell its minority stake to the government-backed National Investment and Infrastructure Fund to manage their finances better, according to a report.
The hospital is looking to raise approximately Rs 2,000 crore in lieu of a minority stake dilution by the promoter Ranjan Pai.
The hospital plans to use the fundraiser to repay debt related to the education business of the group and to partially finance the recent acquisition of the Indian assets of Columbia Asia Hospitals.
The hospital reportedly said that it was a good idea to parter with the Indian government to get access to top-quality global investors like Abu Dhabi Investment Authority and Singapore’s Temasek.
NIIF was set up in December 2015 with a $3 billion commitment from the Indian government along with commitments from other institutional investors.
The body has the ability to operate at scale and intends to be a key channel of investment into Indian infrastructure with a focus on roads, ports and airports, energy, urban planning and other infrastructure and allied segments.
NIIF’s current portfolio includes renewable energy player Ayana Energy, a ports and logistics platform, Hindustan Infralog Private Limited in partnership with DP World and a road portfolio includes Devanahalli Tollway and Dichpally Tollway.