Manipal, IHH, EQT & Others Submit Bids for Sahyadri
Manipal Hospitals
, Singapore's
IHH Healthcare
, Blackstone-owned hospital chain
Quality Care India
, Max Healthcare, KKR & Co. and EQT Partners are among those that have submitted initial bids for
Sahyadri Hospitals
, said people aware of the matter. The bids are in the range of ₹4,500-5,000 crore, they said. Sahyadri, Maharashtra's largest hospital chain, is owned by Canada's Ontario Teachers' Pension Plan Board.
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The May 1 deadline for bids has been extended for a few more weeks, said the people cited. Warburg Pincus and Ahmedabad's Torrent Group are also interested in the hospital chain, they said.
ET first reported in December on Ontario Teachers' plan to sell Sahyadri. It had acquired the chain at a valuation of about ₹2,500 crore from Everstone Capital, outbidding Max Healthcare. Everstone had bought it in 2019 from founder and leading neurosurgeon Charudutt Apte for ₹1,000 crore.
The chain has a network of 11 hospitals in Pune, Nashik, Ahilya Nagar and Karad.
Sahyadri has 2,500 clinicians and 3,500 support staff, according to its website. Cofounders Apte, Sadanand Bapat and Nitin Desai remain involved with the chain that started with the Pune Institute of Neurology as its first hospital in 1994.
'Sahyadri is expected to have an ebitda of ₹210 crore and a revenue of ₹1,200 crore in FY25, where the hospital may be valued at anywhere between 20 and 25 times the ebitda multiple,' said a fund manager with one of the bidding PE funds.
Ontario Teachers' is a global investor that had net assets of $178 billion on June 30, 2024, and manages retirement money for 340,000 working and retired school teachers and administrative staff in the Canadian province.
Ontario Teachers', EQT Partners, Warburg Pincus and KKR declined to comment. Manipal, IHH Healthcare, Quality Care India, Max Healthcare, and Torrent Group didn't respond to queries.
The sector has seen a wave of PE-led consolidation in India after multiple acquisitions by large chains such as IPO-bound Manipal Hospitals, the second-largest hospital chain in India, which is on an acquisition spree and expanding its footprint across the country. In 2023, Manipal had acquired an 84% stake in Kolkata-based Advanced Medical Research Institute (AMRI) Hospitals in a deal worth ₹2,400 crore.
Last year, KKR made a comeback in the Indian hospital sector, two years after its mega exit from Max Healthcare, by acquiring around 70% of Kerala's Baby Memorial Hospital (BMH) with an investment of $300 million (₹2,500 crore). Kozhikode-based Baby Memorial is among the largest hospitals in the southern state with 500 beds across three facilities.
EQT Partners (formerly Baring PE Asia) made an entry into the space in 2022 by acquiring a significant minority stake in India's leading gastroenterology hospital, Hyderabad-based Asian Institute of Gastroenterology (AIG) Hospitals.
Earlier, Quality Care India (QCIL), backed by PE funds Blackstone and TPG, acquired about 85% of KIMS Health Management, another leading hospital chain in Kerala at a ₹3,500 crore valuation. KIMS founder promoter MI Sahadulla holds about 15% and continues to run the business.
As per a World Health Organization (WHO) report, India has just 16 beds per 10,000 people. A recent report by HSBC Global Research said seven listed chains will add 14,000 beds in the next three-five years in the country. A total of 22,000 new beds is expected, including those by other private hospital chains, it said.
India's healthcare industry demonstrates impressive advancement, boasting a CAGR of approximately 22% since 2016, according to Invest India's Investment Grid report. Projections signal the home healthcare sector reaching a substantial $21.3 billion market value by 2027. Public health expenditure is anticipated to rise to 2.5% of GDP by 2025 from 1.15% now.
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