India Digest: Castex to invite fresh bids; CCI clears Radiant-Max Healthcare merger

Max India promoter Analjit Singh. Photo: Mint

NCLT has allowed fresh bids for Castex Technologies, a distressed unit of Amtek Auto, while CCI has cleared the proposed merger between private equity firm KKR-backed Radiant Life Care and Max Healthcare.

NCLT invites fresh bids for Castex Tech

The National Company Law Tribunal (NCLT) has allowed fresh bids for Castex Technologies, a distressed unit of Amtek Auto, after the winning bidder Liberty House failed to pay Rs 100 crore as performance bank guarantee for its resolution plan, The Economic Times reported.

NCLT has also sought that the resolution professional must also consider the second highest bidder, Deccan Value Investors (DVI), while inviting new bids. Liberty House had offered to pay Rs 2,505 crore for Castex, which owes Rs 7,313 crore to lenders.

CCI clears Radiant Life-Max Healthcare merger

The Competition Commission of India (CCI) has cleared the proposed merger between private equity firm KKR-backed Radiant Life Care and Max Healthcare. “CCI_India approves proposed combination of Max Healthcare Institute Limited, Radiant Life Care Private Limited and Kayak Investments Holding Private Limited (affiliate of KKR & Co. Inc.),” CCI tweeted last week.

The combined entity will be valued at Rs 7,242 crore, according to a statement. Moreover, the merger will see KKR becoming the majority shareholder, while Radiant Life Care promoter Abhay Soi will lead the combined company as chairman.

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