Sale of Sterling Hospitals attracts HealthCare Global and DM Healthcare

By IVCPOST Staff Reporter

Aug 04, 2013 10:48 PM EDT

HealthCare Global and DM Healthcare, both private equity-backed healthcare firms, revealed that they have offered bids to purchase Ahmedabad-based Sterling Hospitals. Sterling Addlife currently owns hospitals with a total bed capacity of about 1,000. The revelation follows an announcement from Sterling Hospitals' majority owner Actis calling for fresh bids in an effort to offload the healthcare network from its portfolio. Actis, a private equity fund based in the UK, currently holds an 80% share ownership in Sterling Hospitals.

HealthCare Global is a Singapore government-owned investment firm and DM Healthcare is backed by Olympus Capital. Both firms are said to be serious bidders. Officials from DM Healthcare and HealthCare Global, however, were not immediately available to comment on the development.

This is Actis' second effort to exit its seven-year-old commitment in Sterling Addlife. Actis expects offers for the healthcare network until August 14. Managing the sale process for Actis is Kotak Mahindra Investment Banking.

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