Kolkata: Manipal Health Enterprises is all set to buy Emami Group’s stake in AMRI Hospitals at a valuation of Rs 2,350 crore in the next few days.
“Manipal will pay for AMRI stake in two tranches. The first tranche of a higher sum will be paid upfront and the rest after about a year. Both deals will be signed before the fiscal year end,” a source close to the deal was quoted as saying by Business Standard.
Subsequently, Singapore-based private equity major Temasek will buy a controlling stake in Manipal Health Enterprises at a valuation of $4 billion (Rs 32,800 crore), the source further said.
In February, the Ranjan Pai-led group had offered a fresh, revised bid and entered into settlement talks with the Kolkata- based diversified conglomerate after the tussle over the buyout sparked off litigation. Manipal had then moved courts against Emami, seeking to bar the company from selling or transferring its majority stake in AMRI Hospitals to a third party or alter the management, amid reports that Max Healthcare had entered the fray for AMRI with a Rs 2,700-crore bid.
The deal at a lower valuation of about Rs 1,800 crore for AMRI had failed to fructify due to differences over terms and conditions and clearances from the West Bengal government, which has a 1.9 per cent stake in AMRI.
Manipal Health will withdraw all pending court cases against Emami after signing the agreement, the sources added.