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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, Apr 19: With six new cases of COVID-19 in the last 24 hours, Karnataka's total count of coronavirus patients has surged to 390, said the State's Health Department on Sunday.

"Six new cases have been confirmed for COVID-19 in the State from 5 pm yesterday till 5 pm today. Cumulatively, 390 COVID-19 positive cases have been confirmed in the state," said the Health Department in a statement.

The total coronavirus cases in the State include 16 deaths and 111 discharges.

Deputy Chief Minister CN Ashwath Narayan said that "only essential and critical number of" employees of the Information Technology (IT) companies will be allowed to work from offices from April 20 onwards in Bengaluru, while others will have to continue working from home.

According to the latest update by the Ministry of Health and Family Welfare, the total number of positive cases in India has mounted to 16,116 and 519 deaths have been reported till now.

Bengaluru, Jun 27: Announcing Karnataka’s ambitious plan to install a 108-ft-tall statue of Nadaprabhu Kempegowda outside the airport, deputy chief minister Ashwath Narayan said the government will bear the project cost — approximately Rs 78 crore.

Work on the project will formally commence with the chief minister laying foundation stone for installation of the statue and development of a 23-acre park where it will come up, on Saturday.

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An artist’s impression of the 108-ft-tall statue, which is proposed to come up in a 23-acre park outside KIA. The chief minister will perform bhoomi puja on Saturday.

KPCC president DK Shivakumar on Thursday suggested the cost be borne by Kempegowda International Airport and not the government. He wrote to the CM welcoming the decision to erect a statue of the chieftain at KIA, but asked why should the govenment spend on it. “When huge concessions have been provided to KIA, why not use its services to construct the statue,” he asked. Narayan, who is chairman of Kempegowda Development Authority, said it is the government’s duty to bear the cost.

The government has released sketches of the statue and a blueprint of the park. Noted sculptor Ram Sutar, who designed the Gandhi statue located between Vidhana Soudha and Vikasa Soudha and the Statue of Unity in Gujarat, will be part of this project as well.

Narayan said the government was not competing with any other state on having a tallest/largest statue while emphasising that Kempegowda ensured the city had tanks, markets and drainage system when it was founded. He added the government won’t invite many guests to Saturday’s ceremony. “Most legislators will be given a virtual link to view the event,” he said.