Manipal Hospitals to acquire Pune-based Sahyadri Hospitals for around ₹6,400 crore: Report

Manipal Hospitals on Wednesday said it will acquire Pune-based Sahyadri Hospitals from global investor Ontario Teachers' Pension Plan Board, as the healthcare group looks to expand its footprint in western India.

The companies did not disclose financial details, but industry sources estimated the deal to be valued between ₹6,200 crore and ₹6,400 crore, reported PTI.

Manipal Hospitals, backed by Singapore’s Temasek, said it has signed definitive agreements with Ontario Teachers' for the acquisition.

The deal will add 11 hospitals across Pune, Nashik, Ahilya Nagar and Karad to Manipal’s network, bringing its total number of hospitals to 49 and total bed count to around 12,000, it said.

"With the strong partnership of our valued stakeholders like Temasek and our other investors, we are excited to grow our operations and bring Manipal's trusted brand of quality healthcare to many more patients," said Dilip Jose, MD & CEO, Manipal Health Enterprises.

Manipal Education and Medical Group (MEMG) Chairman Ranjan Pai said the acquisition will strengthen Manipal's presence in western India.

"With this expansion, Manipal Hospitals will have a network of approximately 12,000 beds nationwide, solidifying our position as one of the largest hospital chains in India," he added.

Ontario Teachers', which manages net assets of USD 266.3 billion as of December 31, 2024, acquired a majority stake in Sahyadri Hospitals in 2022.

"Healthcare is a key investment theme for us globally and in India. Drawing on our global experience and playbook of investing in healthcare services, we saw the potential to build on Sahyadri's strong brand to create a regional healthcare leader," said Deepak Dara, Senior Managing Director and Head of India, Ontario Teachers'.

Sahyadri Hospitals MD and CEO Abrarali Dalal said the group had invested over ₹900 crore since Ontario Teachers’ acquisition to expand and upgrade facilities. The hospital chain now operates over 1,400 beds across Maharashtra, making it one of the largest in the state.