Infrastructure firm Punj Lloyd has clarified that it is not holding any discussion with the US-based private equity firm Kohlberg Kravis Roberts (KKR) to divest its 17 per cent equity stake in Gurgaon-based multi speciality Medanta Medicity Hospitals.
Earlier on Sunday, media reports said that the infrastructure firm is in talks with KKR to sell its entire 17 per cent stake it owns in the hospital for nearly Rs 654 crore (around $105 million), to cut down its debt.
“At no point has KKR approached Punj Lloyd to buy out its stake in Medanta," the company said in a statement, terming the report as “speculative and incorrectâ€.
The US-based PE firm Avenue Capital exited Medanta Medicity in December 2013 by selling its 26 per cent stake to The Carlyle Group for around Rs 960 crore. Other deals in this space include IFC investing $100 million in Fortis and KKR investing $89 million in Apollo Hospitals during last year.
Medanta Medicity Hospitals is co-promoted by Sunil Sachdev and Naresh Trehan who jointly hold nearly 54 per cent stake in the hospital. The hospital has a capacity of 1,250 beds and over 350 critical care beds and 45 operation theatres.
Notably, Delhi-based Punj Lloyd—which operates in 22 countries—is cutting down its debt to nearly Rs 3,000 crore by selling its non-core assets.
(Edited by Joby Puthuparampil Johnson)