Actis Looking to Exit Sterling Hospitals

Actis is looking to sell its stake in Gujarat-based Sterling Hospitals, Reuters reported. The buyout shop is reportedly in talks with probable buyers like Fortis Healthcare and Apollo Hospitals Enterprise, the Business Standard newspaper reported. Actis holds an 80% stake in the specialty hospitals chain.

(Reuters) – Private equity firm Actis is looking at selling its stake in Gujarat-based Sterling Hospitals and is in talks with probable buyers like Fortis Healthcare and Apollo Hospitals Enterprise , the Business Standard newspaper reported, quoting sources.

JM Financial has been roped in as advisor, the sources told the newspaper.

Actis holds 80 percent stake in Sterling, a Gujarat-based multi-speciality hospital chain with six centres. The remaining stake is held by Girish Patel, former promoter of Paras Pharma.

Even though talks are at an early stage, PE players with an interest in healthcare such as Advent International, Carlyle and Apax Partners, are also likely to be approached, it said.

“As a policy, we do not comment on matters related to shareholders. Hence, I would not be able to comment,” Sterling Hospitals Chief Executive Officer Rajiv Sharma told the newspaper.

An Actis spokesperson and Sterling Hospitals Chairman Girish Patel refused comment to the newspaper, while Fortis and Apollo did not reply to its mails. Representatives of the companies could not immediately be reached for comment by Reuters.

(Reporting by Rajesh Kurup ;Editing by Sunil Nair)