Private equity fund Actis today said it will sell its 82 per cent holding in Sterling Hospital, which will be bought by the latter’s Chairman Girish Patel.
The UK-based PE player is selling its shareholding to Addlife Investments Pvt Ltd, a company promoted by Patel, the current Chairman of Sterling, Actis said in a statement.
It did not disclose financial details of the deal.
Actis, which has over $6 billion funds under management, had invested in the Gujarat-based hospital chain in 2006.
“Patel will remain as Chairman and continue to build the business and growing its operations in Gujarat and beyond,” the statement added.
“Actis has helped Sterling professionalise, accelerate growth and create a pan-Gujarat healthcare platform. I intend to build on this foundation and turn Sterling into a leading healthcare player on a national scale,” Patel was quoted as saying in the statement.
Patel founded Paras Pharma, which had brands like Moov, Itch Guard and Krack. He sold Paras Pharma to Reckitt Benckiser in 2010 for Rs 3,200 crore.