Emami-backed AMRI put in a revised bid of over Rs 600 crore to acquire Ahmedabad-based Sterling Hospitals after being challenged by private equity biggies, including Malaysia’s sovereign wealth fund Khazanah.
Khazanah controls Singapore's Parkway Holdings and also holds minority shares in India's largest private healthcare group Apollo Hospitals Enterprise.
Sterling Hospitals promoter Actis asked the bidders to increase their quote before shortlisting last week. Actis estimates Sterling Hospital valuation at over Rs 650 crore. Investment bank JM Financial had set July 29 as the last day for submitting initial bids