TPG Capital and Manipal Health Enterprises are reportedly in talks to acquire majority stake in Medanta, which operates hospitals in several cities of India.

Carlyle Group, a US-based private equity fund, owns 27% stake in Medanta, Singapore-based Temasek Holdings has 18% interest, while heart surgeon Naresh Trehan and his family, and Medanta co-founder Sunil Sachdeva own the remaining stake.

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Malaysia-based IHH Healthcare withdrew its non-binding bid for Medanta after it purchased hospital unit of Fortis Healthcare in July, reported Live Mint.

According to Mint’s March report, IHH submitted a bid, which valued Medanta at around Rs57bn ($778m).

An unnamed source told the publication: “While the discussions are still on and it is yet to submit a bid, Manipal-TPG is likely to offer a valuation of Rs60bn for Medanta.”

Another unnamed sourced said: “TPG has been actively looking to build up Asia Healthcare Holdings—its healthcare platform. Medanta’s acquisition will help the private equity firm diversify its healthcare investments.”

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Since 2016, TPG has been increasingly focusing on expanding its healthcare portfolio in the country. Currently, it owns Cancer Treatment Services International; Rhea Healthcare, an operator of Motherhood hospital brand; and Sai Life Sciences, a drug developer.

The stake in Medanta will help South India-based Manipal to increase its revenue and gain a presence in the northern part of the country.

Set up in 2009, Medanta operates hospitals and clinics in Gurugram, Indore, Ranchi, Sri Ganganagar and Lucknow.