Temasek in talks to acquire stake in India's Cloudnine hospital chain

The Singapore state investment firm Temasek is in advanced talks to acquire a minority stake in Cloudnine Hospitals, valuing the Indian hospital chain at 30 billion rupees (US$362.7 million), according to the sources.

According to the newspaper, Temasek is likely to invest around 5 billion rupees for a 15% to 20% stake in the maternity, gynaecology, and paediatric hospital chain through its Sheares Healthcare unit, citing two people familiar with the development.

Apart from Temasek, existing investor NewQuest Capital will increase its stake in the Bengaluru-based firm with a 2 billion rupee investment, according to the report.

Temasek, Cloudnine, and NewQuest did not respond to Reuters' requests for comment right away.

Cloudnine reportedly planned an IPO in February last year to raise 12 billion rupees, but postponed it due to market volatility.

Temasek Holdings (Private) Limited, or simply Temasek, is a Singaporean state-owned holding company owned by the Singapore government. Temasek, which was founded on June 25, 1974, owns and manages a total of US$496.59 billion (S$671 billion) in assets under management (AUM) as of December 2022.  As of 2022, its net portfolio is worth US$287 billion (S$403 billion), with S$37 billion divested and S$61 billion invested during the year.