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Bain Capital has acquired a stake in automotive component maker Dhoot Transmission Group, while hospital chain Manipal Health Enterprises has invited banker pitches for a $1 billion IPO within the next twelve months.
Bain Capital buys stake in Dhoot Transmission
US private equity giant Bain Capital has invested in Aurangabad-based automotive component manufacturer Dhoot Transmission Group, according to media reports.
While the investment amount could not be ascertained, the valuation is expected to be around $1 billion, stated the reports, which added that Bain has picked up a significant minority stake in the company.
Established in 1999, Dhoot manufactures wiring harnesses for two- and three-wheelers. Over the past few years, the company has also diversified into manufacture of electronics sensors and controllers, automotive switches and connection systems, besides a slew of products for electric vehicles.
Dhoot has a headcount of over 10,000 across over 20 manufacturing facilities in India, the UK, Slovakia, and Thailand.
Temasek-backed Manipal Health eyes IPO within a year
Temasek-backed healthcare chain Manipal Health is aiming for a $1 billion IPO over the next 12 months, which will be one of the largest initial share sales in India’s healthcare sector, Mint reported on Friday citing sources. The hospital chain has called for banker pitches for the IPO next month valuing the company at over $7.5-8 billion.
The IPO may include a secondary offer for sale and a huge primary capital raise that will equip the company for a large acquisition. Part of the capital will also be used to reduce debt.
In April 2023, Temasek acquired a 41% stake in Manipal Health for over $2 billion taking its overall shareholding in the hospital chain to 59%. It sold an 8% stake in the company to Mubadala and other investors last year, while still being the controlling stakeholder in the firm.
Established in 2010 by Ranjan Pai, Manipal Health has more than 5,000 doctors and over 30 hospitals across India in cities like Bengaluru, Mangalore, Kolkata, Pune, Goa, Vijayawada, Jaipur, and Ghaziabad.
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