TPG, Permira Lead Race for ₹11,000 Crore Cloudnine Stake

Global private equity firms TPG Capital and Permira have emerged as frontrunners for a minority stake in Cloudnine, India's largest maternity and pediatric hospital chain, in a deal expected to value it at around ₹11,000 crore ($1.15 billion). Due diligence is complete, with binding bids due by mid-August. True North will exit fully, selling its 25% stake, while fresh shares may be issued.