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Sale of TPG-backed Care Hospitals: Arbitrator rejects Max's claim
Max Healthcare Institute Ltd's petition seeking to prevent the sale of TPG-backed Care Hospitals to Blackstone Inc has been dismissed by an arbitrator. In March 2023, Max signed a term sheet with Touch Healthcare to purchase Care Hospitals. Care Hospitals is owned by Hyderabad-based Quality Care India Ltd, which in turn is 96% owned by Touch Healthcare, backed by TPG and others. Max claims the term sheet granted it exclusivity in deal negotiations with Care until 12 April and that it had clauses binding on both parties. It said the owners of Care approached Blackstone on 11 April in violation of the agreement. Max moved the Bombay High Court in late April. However, the HC rejected its claim that the term sheet was legally binding. The bench referred the petition to arbitration and appointed retired Justice S.J. Kathawalla as the arbitrator.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.