British investment group, Ashmore Group is interested in a deal to manage troubled NMC Health’s chain of hospitals in the UAE. Its proposal omits any other purchases of NMC Health.
Ashmore, the private equity arm of which concentrates on the healthcare sector, is among a number of potential bidders exploring an opportunity to run the hospitals. The group already has a presence in the UAE after King’s College Hospital London was brought to Dubai through a joint venture with Al Tayer Group, Dubai Investments and Ashmore.
NMC, which was established by Indian businessman BR Shetty in the mid-1970s, grew into the largest private healthcare provider in the UAE but ran into trouble after financial research firm Muddy Water suspected its financial reporting and distrust emerged over the size of stakes owned by its biggest shareholders.