PTL Enterprises, a member of Onkar Kanwar-controlled Apollo Tyres group, plans to issue about 15% equity in its subsidiary Artemis Health Sciences to private equity investors. The company is in talks with various PE investors including 3i and CDC to offer the stake.
The investors are evaluating the company’s healthcare business and the deal could be finalised soon. PTL Enterprises is looking to raise close to Rs 70 crore, which values its healthcare business at over Rs 450 crore. Company officials were not available for comment.
Apart from health sciences, PTL Enterprises (formerly Premier Tyres) also has a manufacturing facility of tyres, tubes and pre-cured tread rubber at Kalamassery, Kerala. The facility has been leased to Apollo Tyres for Rs 25 crore while the raw material, excise and other expenses are reimbursed from Apollo Tyres. The lease agreement is valid up to 2014.
Read more in The Economic Times article.
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