Talks with multiple parties were stymied by disagreements over the valuation of the chain and its international footprint, but Max and TPG signed a deal exclusivity agreement for bilateral negotiations last month.
Abhay Soi-led Max has given a firm offer to TPG within the stipulated six-week window for a buyout.
The offer, which includes an option on the Bangladesh assets, could see Care Hospitals valued at between Rs5,500 and Rs6,500 crore ($671m to $793m).
Max is reportedly interested in retaining the option of purchasing the Bangladesh assets later, depending on the final terms of the deal.
Blackstone, a private equity fund, is another contender for the acquisition but talks with TPG faltered over disagreements on valuation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Care Hospitals is a 2,400-bed hospital chain owned by TPG Growth platform Evercare, which acquired the healthcare portfolio of the United Arab Emirates’ Abraaj Growth Markets Health Fund in 2018, giving it a majority stake in Care Hospitals.
The terms of the deal and the final valuation will be revealed in the coming weeks, the report added.