Bengaluru: IPO-bound Manipal Hospitals has announced to signed a definitive agreement to acquire Pune-based Sahyadri Hospitals majority stake from PE investor Ontario Teachers’ Pension Plan (Ontario Teachers).
The corporate chain latest acquisition will add 11 hospitals–across Pune, Nashik, Ahilya Nagar and Karad–to its network and will bring the total bed count to about 12,000 across 49 facilities.
According to Manipal in line with its strategy to augment its pan-India footprint, the acquisition will help to expand its presence in western India and position it as one of India’s largest hospital networks.
While the hospital has not disclosed the deal value, multiple reports quoting industry sources have pegged it at over ₹6,400 crore.
“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.” Dilip Jose, MD & CEO, Manipal Health Enterprises, added.
“This acquisition will strengthen our presence in western India and will solidify our position as one of the largest hospital chains in India,” said Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG).
