| | NOVEMBER 20238Blackstone-owned hospital platform Quality Care (QCIL) has signed an agreement to acquire KIMS Health Management (KHML), Kerala's leading hospital chain, for $3,300 crore ($400 million). Blackstone and TPG Growth own QCIL, the platform that runs a network of CARE Hospitals. TPG Growth owns 25 percent of QCIL, while Blackstone owns 73 percent. After the KIMS acquisition, QCIL will own nearly 3,800 beds, making it the fourth-largest hospital group after Apollo Hospitals, Manipal Health, and Fortis Healthcare.QCIL has acquired an 80-85 percent stake in KIMS, while Dr. MI Sahadulla, the hospital's founder and promoter, will retain a 15-20 percent stake and continue to run the business. On August 14, ET reported that Blackstone is the frontrunner to acquire KIMS Health Management for 4,000 crore. Manipal Health Enterprises was the other remaining contender for KIMS.QCIL acquired a 55 percent stake from existing investor True North, as well as a 20 percent stake from minority shareholders. According to additional sources, Sahadulla and family have diluted their stake in this transaction. KIMS Health operates four hospitals in Kerala, with a total capacity of 1,378 beds: Trivandrum, Kottayam, Kollam, and Perinthalmanna. It plans to open a 300-bed hospital in Nagercoil by March 2024.According to sources, KIMS is expected to report earnings before interest, taxes, depreciation, and amortization of 300 crore and revenue of 1,000 crore in FY24. JSW Infrastructure is in talks to buy Shapoorji Pallonji's (SP) ports arm, Gopalpur Ports, for an estimated enterprise value of 3,000 crore, which includes the company's debt. As per the sources, the unit is being divested as part of commitments made to financiers by SP's promoters, the Mistry family, in loan covenants entered into with them. SP Group has agreed to divest the unit by March 31 of next year, in accordance with the covenants. JSW Infrastructure, whose shares went public earlier this month, sees Gopalpur Ports in Odisha as a strategic fit that will complement its steel-making operations.Gopalpur Ports operates an all-weather deep-draft port in the Odisha town of Gopalpur, which is strategically located between the well-known ports of Paradip and Vizag on India's eastern coast. It specialises in iron ore cargo, a critical raw material in JSW's steel business. The sources cited earlier warned that talks may not result in a deal.When contacted, a senior JSW official declined to comment. Until the publication of this report, Shapoorji Pallonji had not responded to ET's inquiries.JSW Infrastructure, India's second largest private port operator after Adani Ports and Special Economic Zone, raised Rs. 2,800 crore in an initial public offering of shares in September. Its initial public offering was 37 times oversubscribed, attracting both institutional and retail investors. QCIL SIGNS AGREEMENT TO ACQUIRE KHML CHAIN OF HOSPITALSJSW TO PURCHASE GOPALPUR PORTS FOR RS.3,000 CROREIN FOCUSIN FOCUS
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