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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."

Amaravati, May 7: Telugu Desam Party (TDP) president and former chief minister N Chandrababu Naidu on Wednesday said that Karnataka Chief Minister BS Yediyurappa has assured him to offer immediate help to stranded Andhra fishermen.

Around 300 Andhra Pradesh fishermen are stranded on the coast of Malpe village in Udupi district.

"Karnataka CM has responded very positively and assured to offer the stranded fishermen immediate help. The fishermen hail from Srikakulam district in Andhra Pradesh.

Yediyurappa has also said that their team was also contacting Andhra Pradesh authorities to safely bring them back to their home state," Naidu said in a statement on Twitter.

In a separate letter to Yediyurappa, Naidu lauded the tremendous efforts that the government of Karnataka has been putting to fight COVID-19 and expressed his solidarity with the people there in this critical time.

Naidu said that many Telugu people that have migrated to other states for work were facing various problems due to the COVID-induced lockdown.

"In this backdrop, I would like to bring to your notice that around 300 fishing folk from Srikakulam District are stranded in Malpe Village, Udupi District, Karnataka. Their families, relatives and well-wishers are deeply worried for their safety and well being," Naidu said.

The TDP chief said that on behalf of those families and on his own behalf, he would appeal for sending the stranded fishermen back to their respective homes.

"In case that is not possible, I request you to provide them with shelter, food, water, medical aid and other essential commodities until the end of COVID lockdown," TDP chief said in a letter.

Bengaluru, Mar 5: Karnataka government on Thursday set aside Rs 400 crore to construct twin towers building with 25 floors here at Anand Rao Circle to facilitate all government departments to function at one place.

"To facilitate all the Government Departments to function in one building, a "Twin-Towers" building with 25 storeys will be constructed at Arland Rao Circle, Bengaluru, with an expenditure of Rs 400 crore," said Karnataka Chief Minister Yediyurappa while presenting the budget in the state Assembly.

He further said that the road cross-over facility for pedestrians other than metro commuters will be provided through 24 metro stations.

"The construction of 56 km long Outer Ring Road - Airport Metro from Central Silk Board junction to Bengaluru International Airport via K R Puram and Hebbala at an estimated cost of Rs 14,500 crore will be commenced during the year 2020-21," he said.

Rs 1,000 crore budget each have been announced for the restoration of Bengaluru roads for two years, 276 Karnataka public school for their infrastructure development.