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Abu Dhabi-based NMC Healthcare has reportedly received bids to sell its distribution unit and will soon be selling it to different parties.

The development comes over three months after NMC Healthcare’s founder and then-chairman B R Shetty stepped down amid allegations of massive fraud. 

The company, which recently laid off hundreds of workers, is offloading stake in the subsidiary as it is considered non-core and requires substantially high working capital to run the operations. In addition, this stake sale will help the company pay off some of its debt

"There are parties who have strong interest in the distribution business. NMC will be offloading the unit soon and that also to different parties," a source said.

"The company is in the process of exploring options for NMC Trading, the group's distribution business, which it has determined to be non-core and requiring substantial levels of working capital. The process should not materially adversely impact distributors' activities, nor NMC Trading's customers," an NMC Healthcare spokeswoman said.

The UK-court has appointed Alvarez & Marsal as administrator to oversee the operations of the debt-ridden hospital operator. The healthcare firm has been caught in a whirlpool of $6.6 billion debt while its senior former high management team is under investigation for financial irregularities.

The UAE Central Bank has direct local banks to freeze all bank accounts of NMC founder BR Shetty and his family members as well as accounts of those companies where he has a stake. The Central Bank move is subsequent to a criminal complaint filed by Abu Dhabi Commercial Bank, which has the largest exposure to NMC Healthcare, amounting Dh3 billion.

As the company faces financial difficulties, Reuters reported that NMC Health delayed May staff salaries and now expects to complete making payments by the first week of June.

The spokeswoman said: "The company has been in regular dialogue with its creditor constituencies through various creditor committees, including the direct bank lenders to its NMC Trading businesses."

Bengaluru, Jun 24: Dr K Sudhakar on Wednesday held a video conference with senior officials to review the preparedness for conducting of SSLC examinations safely which is beginning from Thursday.

"8,48,203 students will appear for the SSLC examination starting tomorrow in 2,879 centres across the state. All the guidelines issues by state government must be followed strictly" Sudhakar said in the meeting.

"It is the collective responsibility of officials of all departments to ensure that every student is safe, from the time he or she leaves home for the exam centre and returns home after the exams. The vehicles used to ferry students, where public transport is not available, must be sanitised properly. The surroundings near exam centres, exam halls, toilets must be sanitised properly. Social distancing must be maintained in the exam hall and mask must be provided to all students," he said.

The minister also said that since the students have been asked to arrive at exam centre at 7:30 in the morning, a small biscuit packet must be provided to each student so that they don't feel hungry during the exam and till they return home after the exam.

"Thermal scanning of every student should be done before allowing inside the exam hall. In case there is fever those students must be made to write exam in separate room. Separate exam halls must be arranged for students in quarantine areas and if it's not feasible they must be allowed to write exam in September. District administrations must disseminate information about precautionary measures taken to build confidence among parents," the minister said.

Sudhakar instructed the officials to work in coordination with the Education Department and other departments.

Stating that there are 458 containment zones in Bengaluru, the minister asked the officials to be extra cautious in these areas and make arrangements to ensure health department staff can take students to the nearest health center if anybody is found ill during the exam.

Education Minister Suresh Kumar, Additional Chief Secretary Javed Akhtar, Education Secretary, Secretary of Medical Education Department, BBMP officials, Health Experts and others were present.