Home / Companies / News /  Temasek acquires Punj Lloyd stake in Medanta

Mumbai: Temasek Holdings Pte Ltd, the Singapore government’s investment arm, has purchased the entire 17.74% stake of Punj Lloyd Ltd in Global Health Pvt. Ltd, which owns and operates the Medanta super specialty hospital in Gurgaon outside Delhi.

The value of the acquisition was not mentioned in a stock market announcement made by Punj Lloyd, an energy and infrastructure firm.

Punj Lloyd said it has sold its entire holding of 8.6 million shares to Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek.

The Economic Times, which had reported on 2 September that Punj Lloyd was looking to sell its stake to Temasek, in its Monday edition pegged the value of the deal around 700 crore, citing unnamed people familiar with the matter.

Medanta was founded by renowned cardiac surgeon Dr. Naresh Trehan in 2009. This is Temasek’s second investment in the healthcare segment. In March 2013, it had invested in Bengaluru-based cancer care hospital chain HealthCare Global Enterprises Ltd (HCG), for a consideration of 130 crore, Mint had reported.

Temasek last year acquired 10.16% in Ahmedabad based Intas Pharmaceuticals Ltd from its existing investor ChrysCapital.

“Overall the number of transactions in the healthcare space is going to grow as companies are seeking growth capital. We have seen that over the last few the average investment size by private equity funds in healthcare chains have increased to $20-30 million which was around $5-15 million," said Abhishek P Singh, associate director for healthcare at PricewaterhouseCoopers Pvt Ltd.

Shares of Punj Lloyd closed at 37.75 apiece, up 2.30%, while the S&P BSE Index closed at 28262.01 points, up 0.50%.

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