Singapore-based investment firm Temasek and Dr. Ranjan Pai-led Manipal Hospitals are set to acquire Sahyadri Hospitals, currently owned by Ontario Teachers’ Pension Plan (OTPP), with a winning bid of approximately ₹6,150 crore. The acquisition strengthens Manipal Hospitals’ footprint in Maharashtra, India, marking its fourth major acquisition since 2021.
In a significant consolidation move in India’s healthcare sector, Manipal Hospitals, backed by Singapore’s investment major Temasek and billionaire Dr. Ranjan Pai, is nearing a deal to acquire Sahyadri Hospitals from the Ontario Teachers’ Pension Plan (OTPP) for approximately ₹6,150 crore.
According to sources familiar with the transaction, final documents are expected to be signed within days, with an official announcement to follow shortly. OTPP currently holds nearly 100% of Sahyadri Hospitals, having acquired it from Everstone Group in August 2022.
This acquisition will mark Manipal Hospitals’ fourth major acquisition since 2021. The group, headquartered in Bengaluru, has previously expanded through deals involving Vikram Hospitals, Columbia Asia’s Indian operations, and AMRI Hospitals from the Emami Group.
Founded in 1994 by Dr. Charudutt Apte, Sadanand Bapat, and Nitin Desai, Sahyadri Hospitals is one of Maharashtra’s largest healthcare chains. It operates 11 hospitals across Pune, Nasik, and Ahmednagar (now Ahilyanagar), along with 50+ lab collection centers, 2,000+ clinicians, and 4,000+ support staff.
With this acquisition, Manipal Hospitals will significantly boost its footprint in western India and challenge Apollo Hospitals and Max Healthcare in terms of bed capacity and revenue. The move comes amid the chain’s IPO plans and increasing private equity activity in India’s healthcare market.
Private equity firm KKR, which supports Baby Memorial Hospital and HCG, had also shown interest in the Sahyadri deal. Notably, KKR extended a $600 million credit facility to the Manipal Group on June 2, marking its largest credit deal in India.
The Sahyadri acquisition is expected to reshape the Indian healthcare landscape, bringing more advanced services in specialties like oncology, mother and childcare under Manipal’s umbrella.
