TPG Growth (a specialist fund of former Texas Pacific Group) and AMP Capital are in race to acquire about 49% stake in Kavery Medical Centre and Hospitals, The Times of India (TOI) has reported.

TOI said that TPG Growth has issued a term-sheet to KMC Hospitals for a R180 Cr ($30 million) deal through acquisition of secondary and primary shares, while AMP Capital has extended an offer valuing the company at R350 Cr ($58 million).

Piramal's healthcare fund India Venture Advisors holds at least 30% equity in the hospital network.

Investment banks o3 Capital and Edelweiss are advising KMC on the latest deal-making.

Kavery Medical Centre & Hospital popularly known as KMC is a 400 beds multispeciality hospital, located at the heart of Trichy City. The hospital is known for its cutting edge technology equipments which are few of the best in the country. The hospital has been providing high quality care with the state of the art technology, with a team of dedicated medical specialists and well trained para medical personnel.

The healthcare company had unveiled an aggressive expansion plan - it had hoped to reach 1,000 beds by 2014 - four years ago. But those ambitions slowed down due to the economic slowdown of recent years.