Temasek in talks to buy stake in India's Cloudnine hospital chain: Report

Singaporean sovereign fund Temasek Holdings is in advanced talks to buy a minority stake in Cloudnine Hospitals, valuing the Indian hospital chain at Rs 30 billion ($362.7 million), the Economic Times reported on Thursday.

Temasek is likely to invest around Rs 5 billion for a 15%-20% stake in the maternity, gynaecology, and pediatric hospital chain through its Sheares Healthcare unit, ET said, citing two people aware of the development

Apart from Temasek, existing investor NewQuest Capital will increase its stake in the Bengaluru-based company with an investment of about Rs 2 billion , the report said.

Temasek, Cloudnine and NewQuest did not immediately respond to Reuters' requests for comments.

Cloudnine had reportedly planned an initial public offering in February last year to raise Rs 12 billion, but postponed that plan due to market volatility.

($1 = 82.7080 Indian rupees)