Asia Healthcare may buy Nova IVI Fertility; GM in talks with JSW to sell unit

Asia Healthcare Holdings, backed by TPG Growth and Temasek Holdings, is in advanced discussions to acquire fertility clinics operator Nova IVI Fertility for around $100 million (Rs 728 crore), two persons told The Economic Times. TPG Growth is the growth capital arm of US private equity firm TPG Global and Temasek is a Singaporean state investor.

Nova IVI Fertility, backed by Goldman Sachs, New Enterprise Associates and GTI Capital, currently operates 20 centres across the country.
Investment bank Lincoln International is handling the transaction, according to the report.

Asia Healthcare, led by Vishal Bali, targets investment opportunities in single-speciality healthcare businesses.

In July, Temasek had pumped $50 million in Asia Healthcare.

Asia Healthcare currently holds TPG Growth’s investments in Rhea Healthcare, which runs a hospital chain under the Motherhood brand, and Cancer Treatment Services International.

Separately, US-based automobile maker General Motors Co. (GM) is in advanced talks with Sajjan Jindal’s JSW Energy Ltd to sell its car manufacturing facility at Talegaon Dabhade in Pune district for about Rs 3,500 crore, two persons told Mint.

JSW is looking to manufacture electric cars at this facility, the report said.

GM’s another manufacturing facility at Halol in Gujarat was acquired by MG Motor, a subsidiary of Chinese automobile giant SAIC Motor, in 2017.

In July, JSW Energy finance head Jyoti Kumar Agarwal told Mint that the company has pushed back its target of manufacturing its first electric vehicle to 2021 from 2020.

Agarwal had said JSW Energy was yet to decide whether to manufacture its own vehicles or partner with original equipment manufacturers.

In another development, promoters of Essel Propack Ltd are in early talks with global packaging companies Amcor Ltd and Huhtamäki to sell a controlling stake, two persons told Mint, adding that more suitors are likely.

The promoters are looking to sell their stake at a 30% premium to the current market price of the company, the report said.

As on 31 June, the promoters held 57.19% stake in Essel Propack. Now, the company’s market value is around Rs 3,400 crore.

Morgan Stanley is advising the promoters of Essel Propack on the transaction, according to the report.

Essel Propack, part of media baron Subhash Chandra’s Essel Group, makes laminated plastic tubes for the fast-moving consumer goods and pharma spaces.