TPG-led consortium close to buying Fortis, deal announcement in a few days

India's fraud watchdog and stock regulator are investigating Fortis on reports that the Singh brothers took at least Rs 5 billion out of Fortis without board approval

A consortium led by TPG is nearing an agreement to gain control of Fortis Healthcare Ltd., India’s second-largest private hospital chain by market value, people with knowledge of the matter said.

The investor group, which also includes Manipal Health Enterprises Pvt, could announce a deal as soon as the next few days, according to the people, who asked not to be identified because the information is private. Under the plan being discussed, the operations of closely-held Manipal -- whose backers include TPG and Temasek Holdings Pte -- would be combined with Fortis’s business, the people said.

Fortis is discussing issuing around Rs