Indias largest hospital chain Apollo, Dubai-based Aster DM and Bengaluru-based Narayan Health in partnership with the Piramal group have emerged as the early bidders for the acquisition of the assets of Seven Hills hospitals. Some of these players have put in their expression of interest with the resolution professional for possession of the two hospitals that are in Mumbai and Vishakhapatnam, according to people directly involved in the bidding process.
Seven Hills, with an estimated debt of Rs 1,300 crore, went under the hammer this year as lenders led by Axis BankNSE 0.20 %, and a State Bank of IndiaNSE -1.42 % (SBI) consortium initiated the insolvency procedure against the hospital chain started by Andhra Pradesh-based medical professional Jitendra Maganti. In Mumbai, Seven Hills was built under a public-private partnership of nearly Rs 1,000-crore investment that failed to take off, with the local municipal corporation suing the hospital for non-compliance of the memorandum of understanding.