Emami Group aims to complete AMRI Hospitals sale to Manipal Group this month: report
Emami Group aims to complete the sale of AMRI Hospitals this month to Manipal Group for about ₹2,400 crore, said a report by Economic Times on Thursday. The report citing industry executives said that about ₹1,650 crore of the proceeds of the deal will be utilised for servicing the existing debt of AMRI Hospitals.
According to a report by Moneycontrol, in February this year, Manipal Group has hiked its offer of ₹1,800 crore to buyout Kolkata- based Emami Group’s hospital business AMRI Hospitals. “Manipal Health has hiked its original offer of ₹1,800 crore and submitted a fresh bid recently to Emami Group.
Both the parties have entered into discussions and are exploring a settlement to end the current standoff," the Moneycontrol report had said quoting an industry source. Manipal Health Enterprises had moved the Delhi high court in 2022 to bar the Emami Group from selling or transferring its majority stake in AMRI Hospitals to a third party.
“Whether the case filed at Delhi HC will be withdrawn or not will depend on the outcome of these discussions and the signing of final, binding agreements. It will be interesting to see how this deal pans out considering Manipal is also in the race for another hospital asset currently - KIMS Healthcare group based in Kerala," the Moneycontrol report had said quoting another source.
In December 2022, the Economic Times had reported that according to sources close to Emami Group, Max Healthcare had entered the fray for AMRI Hospitals and submitted a counter offer of ₹2,700 crore which trumped the earlier bid of Manipal Health Enterprises (of ₹1,800 crore) by as much as ₹900 crore. In April this year, a report by Mint said Manipal Hospitals is close to acquiring Kerala-based hospital
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