Medical Care
Aster DM Healthcare & Quality Care India to Merge by 2026 Q3
2024-11-29
The deal between Aster DM Healthcare and Quality Care India (QCIL) is set to reach its finalization by the third quarter of the 2026 financial year. This significant merger will bring together a portfolio of renowned brands such as Aster DM, CARE Hospitals, KIMSHEALTH, and Evercare. With a network of 38 hospitals and over 10,150 beds spread across 27 cities, it is set to make a substantial impact on the healthcare landscape.

Key Players and Their Roles

Aster DM Healthcare deputy managing director Alisha Moopen emphasized the accelerated growth of Aster over the past ten years in India, highlighting their deep clinical leadership and ability to meet market demands. Aster DM Healthcare founder and chairman Dr Azad Moopen will continue in his executive chairman role, while Varun Khanna and Sunil Kumar will take on the positions of MD and group CEO and group chief financial officer respectively. Moelis & Company and Advay Capital served as financial advisers to Aster, with Kotak Investment Banking as the corporate adviser and Cyril Amarchand Mangaldas providing legal counsel. QCIL received financial advice from NovaaOne Capital and legal counsel from Trilegal and JSA. PwC acted as an independent registered valuer for the swap ratio, and ICICI Securities delivered the fairness opinion.

The Merger Process and Stakeholders

Aster DM Healthcare has announced a definitive merger agreement with QCIL. Approved by the respective board of directors, the merger is subject to regulatory, corporate, and shareholders' approvals. Prior to the merger, Aster will acquire a 5% stake in QCIL from Blackstone and TPG through a primary share issuance, resulting in a 3.6% stake for the investors in Aster. After the acquisition of the initial share, QCIL will be merged into Aster through a scheme of amalgamation. The initial share acquisition ratio will mirror the proposed merger terms. Upon completion, Aster Promoters and Blackstone will have equal representation on the board and will jointly oversee the merged entity.

The Impact on the Healthcare Sector

This merger is expected to have a profound impact on the healthcare sector. The combined entity will be able to leverage the strengths of both companies and enhance healthcare standards. With a wide network of hospitals and a diverse portfolio of brands, it will be better equipped to serve the needs of patients across different regions. This strategic partnership will also bring in additional resources and expertise, enabling Aster to expand its operations and reach new heights. It is a significant step towards improving healthcare delivery and making quality healthcare more accessible to the people.

Future Prospects and Growth

The merger is seen as a major milestone for Aster DM Healthcare and QCIL. It opens up new opportunities for growth and innovation in the healthcare industry. With the combined resources and capabilities, the merged entity will be able to invest in research and development, upgrade infrastructure, and improve patient care. This will not only benefit the patients but also contribute to the overall growth of the healthcare sector. The future looks bright for Aster DM Quality Care as it moves forward with this transformative merger.
Ongoing Site Prep for Dominica's 10-MW Geothermal Power Plant
2024-11-29
With the site now being meticulously prepared, the construction of the significant 10-MW geothermal power plant in the Roseau Valley of Dominica is on the cusp of commencing by early 2025. This ambitious project holds great promise for the Caribbean island nation. The progress of Dominica's first geothermal power endeavor was recently announced by Dr. Vince Henderson, the Minister of Energy. He revealed that the excavation of the construction site has been successfully completed, and the arrival of the essential power plant equipment is anticipated by the end of the year. Before the close of 2023, the Government of Dominica inked an agreement with Ormat Technologies Inc. Under this pact, Ormat will finance the construction, operate, and maintain the power plant. After a period of 25 years, the ownership of the power plant and its associated assets will be transferred to the Government of Dominica. Additionally, the construction of the transmission network to support the power plant is about to kick off. This crucial phase of the project was awarded to a company from India following a competitive tender announced in mid-2023. Dr. Henderson emphasized, "75 percent of the lines will be on the ground, which will require some excavation. However, we are committed to minimizing disruption and ensuring the safety of lives, livelihoods, and properties."

Assurance and Consultations

The Minister has given a firm assurance that a series of comprehensive consultations will be carried out with the nearby communities. The aim is to minimize any potential disruption and safeguard the well-being of lives and property. He has called upon the public to extend their full support to this vital project. This collaborative approach is crucial in ensuring the smooth progress of the geothermal power plant construction and its seamless integration into the local community.

Progress and Preparation

The ongoing preparation of the construction site for the 10-MW geothermal power plant in Dominica is a testament to the nation's commitment to sustainable energy. The excavation work, which has been completed, has laid the foundation for the upcoming construction phase. The arrival of the power plant equipment by the end of the year will further accelerate the progress. The Government's decision to partner with Ormat Technologies Inc. showcases their vision for a greener future. The transmission network construction, set to begin soon, will play a vital role in delivering the generated power to the required locations. This project not only brings economic benefits but also contributes to the reduction of carbon emissions and the promotion of environmental sustainability.

Community Impact and Safety Measures

The construction of the geothermal power plant will have a significant impact on the local communities. However, the authorities are taking proactive steps to ensure that the disruption is minimized. The 75 percent of lines to be laid on the ground will require excavation, but efforts are being made to ensure that the communities are not overly affected. Safety measures are being put in place to protect lives, livelihoods, and properties during the construction process. This includes proper planning, coordination, and communication with the local residents. The involvement of the public in the consultations shows the government's dedication to addressing the concerns and needs of the community. It is a collaborative effort that aims to create a win-win situation for both the development of the power plant and the well-being of the local population.
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Construction Worker Shortage Hinders Maine Coast Storm Rebuilding
2024-11-29
This story initially emerged in the Midcoast Update, a weekly newsletter dispatched every Tuesday and Friday morning. By subscribing here, you can have stories about the midcoast delivered directly to your inbox, along with other informative newsletters.

Introduction: The Complexity of Coastal Property Repairs

It has never been straightforward to undertake repairs and expansions on Maine's coastal properties. Property owners are compelled to collaborate with a limited number of firms specializing in marine construction to get their projects designed, permitted, and constructed. However, this year, the situation became even more challenging following a series of storms last winter that caused widespread damage across the state. Particularly along the coast, two storms in January wreaked havoc, tearing out many docks and wharves and severely eroding parts of the shoreline.

Impact on Prock Marine

For companies like Prock Marine of Rockland, this created a significant backlog. Previously, it took the firm 10 to 14 months to complete projects such as dock rebuilds and shoreline stabilization. But with the influx of repairs from last winter's storms, the timeline roughly doubled, ranging from 18 months to two years. Project manager Sean Kelly stated that while the company could potentially shorten this timeline by expanding its staff from 35 to 40 people, construction firms like Prock have faced difficulties in filling positions even as their more experienced staff approach retirement. "We'd love to assemble another crew, another barge crew, but it's hard to maintain what we've got," Kelly said.

Need for More Workers in Marine Construction

It is now widely recognized that Maine requires more workers to replace those aging out of vital industries like construction and other trades. State officials have recently singled out marine construction as one of the areas most in need of new workers if Maine's lucrative working waterfronts are to be prepared for the more severe storms expected with climate change. According to the new four-year climate action plan released this month by Governor Janet Mills' administration, "Increased contractor capacity, particularly in marine construction and the engineering, planning, and permitting components of these projects, will be critical." The report calls for studying the recent storms and working with industries, organizations, and community colleges to expand the number of builders capable of coastal construction. More broadly, it aims to create opportunities for 7,000 new registered apprentices to serve as the state's "climate-ready workforce" by 2030 and increase the number of women working in construction, among other steps.

Limited Options for Coastal Property Owners

As it stands, coastal property owners have few firms to turn to when trying to rebuild after storms. In Stonington's fishing port, where the busy local lobster co-op suffered hundreds of thousands of dollars of damage in January, economic and community development director Linda Nelson stated, "There is Prock Marine and there is Prock Marine, pretty much, and if you can get Prock Marine, if you have a job that's big enough and lucrative to get on their schedule, great." Nelson, who is also the co-chair of a state commission studying how to make Maine's infrastructure more resilient against similar storms, emphasized that Maine will need more "human and financial resources" to quickly repair essential infrastructure such as roads, docks, bridges, and others in the wake of severe storms. There is also the broader challenge of rebuilding this infrastructure to be higher and more protected from future damage.

Unique Challenges in Marine Construction

Several factors make marine construction more laborious than traditional land-based projects. These include additional permitting requirements, the need to work off barges, and the difficulty of ensuring that structures will remain level on the ocean floor while withstanding tides, corrosion, and other forces. At Prock Marine, Kelly said there is no one-size-fits-all solution to bringing in more workers. However, he welcomes the efforts of the state and private organizations to create a pipeline for young Mainers to enter the trades. He is now working with the state Labor Department to start the company's own apprenticeship program. He is hopeful that more students from the state's schools will recognize the value of receiving vocational training and entering the trades, especially at an established company where they can receive ongoing training, mentorship, and a full set of benefits. "Now the trick is to get the people who are interested to walk through the door and fill out an application," he said.
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