Singapore GIC nears deal with TPG to raise stake in AHH, turn biggest shareholder: Report

The move comes ahead of the healthcare platform’s likely listing within a year or two

Singapore GIC is likely to raise its stake in Asia Healthcare Holdings (AHH) ahead of the healthcare platform’s likely listing within a year or two, the Mint has reported.

The Singapore-based sovereign fund will buy another 15 percent more in AHH from TPG, which is the majority owner, the report said, adding the transaction will make GIC the biggest shareholder in AHH.

Moneycontrol reported in November that Singapore government cemented its place as largest foreign portfolio investor in the Indian market with value of assets nearly equal to the next two funds combined.

At the end of September quarter, Singapore held shares worth Rs 2.69 lakh crore compared to Norges Bank, which was in second place, with assets worth Rs 1.42 lakh crore and US-based Capital Group whose holdings were valued at Rs 1.33 lakh crore, data compiled by Prime Database shows.

Moreover, the data highlights the rise of the Southeast Asian nation’s sovereign fund over the past two or three years. The total value of the Singapore government's portfolio has more than doubled from Rs 1.29 lakh crore in September 2022 to Rs 2.69 lakh crore.