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The revised offers are being submitted after Fortis’s board last week said it will only consider binding bids.
Listing of Metropolis’s shares will provide a “stock currency” that can be used to fund acquisitions, managing director Shah said.
The investor group, which also includes Manipal Health, could announce a deal as soon as the next few days. Under the plan being discussed, the operations of closely-held Manipal — whose backers include TPG and Temasek Holdings — would be combined with those of Fortis.
The consortium is led by Mukund Rajan, the head of international operations for Tata Group’s holding company.
Companies including Kumar Mangalam Birla’s Grasim Industries Ltd. and Maruti Suzuki India Ltd. have also come under fire from some small investors.
As many as one-third of the group’s 100-plus units could go.
Bharti is weighing a bid for the 53% combined stake of Vodafone and Idea.
The deal could value New Delhi-based SRL at about Rs5,000 crore ($774 million).
India is considering turning to the private sector to help plug a chronic shortage of capital for infrastructure projects.
Indian billionaire Kumar Mangalam Birla just pulled off the biggest deal of his career. There won’t be any investment banks sharing in the glory. The tycoon’s mobile arm, Idea Cellular Ltd., said Monday it will merge with Vodafone Group Plc’s Indian operations to create the largest Indian wireless carrier with… Read more »