Torrent Pharma closes in on JB Chem likely for $2.4 bn buyout, eyes $1.6 billion financing
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Time of India
an hour ago
- Time of India
Reforms Express to Run Non-stop: Nirmala Sitharaman
India Inc is beginning to invest and urban consumption is not a worry, finance minister Nirmala Sitharaman told ET, maintaining that there would be no holding back on economic reforms. In a wide-ranging interview just after the finance ministry said India was in a 'Goldilocks situation'—not too hot, not too cold, but just right—Sitharaman said this was the outcome of 11 years of work by the Narendra Modi government. The Centre is looking to simplify the goods and services tax (GST) and income tax further, ensure the availability of critical supplies, speed up land monetisation, and strengthen regional rural banks. Amendments to the Insolvency and Bankruptcy Code are also expected to be placed before Parliament soon. Banking is going through one of its best cyclical phases but more lenders are welcome, while IDBI Bank privatisation is expected this year, she said. 'You have good momentum on the ground. And I hope going forward, I would think this momentum will be accentuated because the monsoon seems to come up with good news,' Sitharaman said on the health of the economy as summer rain covered the country nine days ahead of schedule. 'Robust business activity is evident from strong e-way bill generation and PMI (Purchasing Managers' Index) data.' Private investment , a key pillar of growth, is returning. 'Of course, they are coming in. With all that (global situation), I think the Indian industry was also being cautious, but now I can see them moving and coming out,' she said, adding that bankers have told her that the private sector is approaching them for credit. States were also doing a good job of at tracting investment. Demand in the country's towns and cities isn't troubling. 'I'm not very concerned about urban consumption, but since I am watching it, I will keep a close eye,' she said. Bankers are optimistic about rate transmission following the central bank's recent 50-basis-point reduction. 'Of course, there will be some time lag as banks need to handle both the lending side and the deposit side,' she said. 'They have a tightrope walk to follow. It's not as if they wouldn't want to transmit the reduction.' Sitharaman said work would continue on improving the ease of doing business and that a lot of work has already been done on GST reforms . 'I hope to finish it soon,' she said. 'That would bring in a lot of difference, not just in terms of lesser rates, but also in terms of compliance,' the finance minister said. Sitharaman said industry has been widely consulted before and after the signing of trade agreements and is well-positioned to benefit from them or compete with imports. On new bank licences, the FM said she understood the RBI's approach. 'The only thing on which, if at all, I would want to say is whatever be the decision of the regulator, give licence, approve or deny licence and say no, it cannot happen. It should happen in a reasonable time,' she said. The ongoing Operation Sindoor doesn't pose a fiscal challenge, she said. Of course, they are (private investment) coming in. With all that (global situation), I think the Indian industry was also being cautious, but now I can see them moving and coming out.
Time of India
an hour ago
- Time of India
Manipal Health Enterprises leads race to buy Sahyadri Hospitals with Rs 6,838 crore bid
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel IPO-bound Manipal Health Enterprises is leading the race to acquire Sahyadri Hospitals with a Rs 6,838 crore ($800 million) bid, people familiar with the matter said. It is trailed closely by Blackstone , they the sources did not reveal the financial terms of the global investment firm's offer, the strong interest in the Pune-headquartered hospital chain owned by Canada's pension fund Ontario Teachers' Pension Plan (OTPP) is symptomatic of the high-intensity consolidation ongoing in India's hospital space. IHH Healthcare-backed Fortis Healthcare and EQT Partners also submitted bids on June 23, which was the last day to submit binding financial offers were termed 'uncompetitive' by people ET spoke with. Manipal, Blackstone, Fortis and OTPP declined to comment. EQT did not responded to ET's queries until press time acquired Sahyadri from Everstone Capital in August 2022 at a valuation of around Rs 2,500 crore, outbidding Max Healthcare. Everstone had bought the hospital chain three years earlier in 2019 from its founder, neurosurgeon Charudutt Apte, for about Rs 1,000 crore. ET first reported on December 6 last year that OTPP was planning to put Sahyadri Hospitals on the block. In May, ET reported that Manipal Health, Singapore's IHH Healthcare, Blackstone-owned hospital chain Quality Care India, KKR & Co and EQT Partners were among those that had submitted initial bids for Hospitals operates 11 facilities across Pune, Nashik, Ahilya Nagar and Karad, comprising 1,300 beds, 2,500 clinicians and 3,500 support staff, according to information available on its website. Sahyadri Hospitals is estimated to have posted Rs 210 crore in earnings before interest, tax, depreciation and amortisation on revenue of Rs 1,200 crore in FY25, said a fund manager at one of the bidding private equity Manipal Health, commonly known as Manipal Hospitals, the deal could provide a muchneeded strategic foothold in western India, where it currently lacks a significant presence. In June 2025, KKR invested $600 million in debt into the Manipal Group to support its accelerated expansion and corporate growth IPO-bound Manipal Hospitals, the second-largest hospital chain in India, has been on an aggressive acquisition spree. In 2023, it acquired an 84% stake in Kolkata-based AMRI Hospitals in a deal valued at Rs 2,400 crore. Two years earlier, it bought Columbia Asia's Indian operations for Rs 2,100 crore.
Time of India
an hour ago
- Time of India
Reforms express to run nonstop as FM Sitharaman backs GST, tax and banking overhauls
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India Inc is beginning to invest and urban consumption is not a worry, finance minister Nirmala Sitharaman told ET, maintaining that there would be no holding back on economic a wide-ranging interview just after the finance ministry said India was in a 'Goldilocks situation'—not too hot, not too cold, but just right—Sitharaman said this was the outcome of 11 years of work by the Narendra Modi government. The Centre is looking to simplify the goods and services tax (GST) and income tax further, ensure the availability of critical supplies, speed up land monetisation, and strengthen regional rural to the Insolvency and Bankruptcy Code are also expected to be placed before Parliament soon. Banking is going through one of its best cyclical phases but more lenders are welcome, while IDBI Bank privatisation is expected this year, she said.'You have good momentum on the ground. And I hope going forward, I would think this momentum will be accentuated because the monsoon seems to come up with good news,' Sitharaman said on the health of the economy as summer rain covered the country nine days ahead of schedule. 'Robust business activity is evident from strong e-way bill generation and PMI (Purchasing Managers' Index) data.' Private investment , a key pillar of growth, is returning. 'Of course, they are coming in. With all that (global situation), I think the Indian industry was also being cautious, but now I can see them moving and coming out,' she said, adding that bankers have told her that the private sector is approaching them for credit. States were also doing a good job of at tracting investment. Demand in the country's towns and cities isn't troubling.'I'm not very concerned about urban consumption, but since I am watching it, I will keep a close eye,' she said. Bankers are optimistic about rate transmission following the central bank's recent 50-basis-point reduction. 'Of course, there will be some time lag as banks need to handle both the lending side and the deposit side,' she said. 'They have a tightrope walk to follow. It's not as if they wouldn't want to transmit the reduction.'Sitharaman said work would continue on improving the ease of doing business and that a lot of work has already been done on GST reforms . 'I hope to finish it soon,' she said. 'That would bring in a lot of difference, not just in terms of lesser rates, but also in terms of compliance,' the finance minister said. Sitharaman said industry has been widely consulted before and after the signing of trade agreements and is well-positioned to benefit from them or compete with new bank licences, the FM said she understood the RBI's approach. 'The only thing on which, if at all, I would want to say is whatever be the decision of the regulator, give licence, approve or deny licence and say no, it cannot happen. It should happen in a reasonable time,' she said. The ongoing Operation Sindoor doesn't pose a fiscal challenge, she said.
