TPG Capital and portfolio company Manipal Hospitals have reportedly sweetened their bid for Fortis Healthcare, proposing a deal that would value the operator of hospitals in India at more than 94 billion rupees (about $1.38 billion). The move comes less than a week after Fortis shareholders approved an offer from Hero Enterprises and the Burman family office to acquire a minority stake that valued the business at 90 billion rupees. That proposal in turn came after an initial agreement between TPG, Manipal and Fortis that failed to win shareholder approval.
After increasing each year from 2013 to 2016, the rate of US private equity investment in India dropped nearly 35% between 2016 and 2017, according to the PitchBook Platform, falling to 53 deals. Firms are on track to maintain that rate this year, with the 20 transactions completed so far leaving them on pace for 55 deals in the region in 2018. Dating back to the start of 2008, about 13% of US private equity investment in India has occurred in the healthcare sector.