Latest news with #AbraraliDalal
Yahoo
5 days ago
- Business
- Yahoo
Manipal Hospitals to acquire majority stake in Sahyadri Hospitals
India-based healthcare provider Manipal Hospitals has entered an agreement to purchase a majority stake in hospital chain Sahyadri Hospitals Group, with a deal valued at more than Rs60bn ($700m). This acquisition marks an expansion for Manipal Hospitals, which annually serves more than seven million patients across India. Manipal Education and Medical Group chairman Ranjan Pai said: 'This acquisition will strengthen our presence in western India, enabling us to extend world-class healthcare to more patients.' Manipal Hospitals is supported by Singapore-based investment company Temasek and TPG Capital. Last month, it was reported that Manipal Health Enterprises and Fortis Healthcare were in talks with international financial institutions to secure financing to support their acquisition of Sahyadri Hospitals. Ontario Teachers' Pension Plan Board (Ontario Teachers'), which holds a 98.9% stake in Sahyadri, acquired the hospital chain in 2022. The company has overseen the hospital chain's growth through strategic initiatives. Sahyadri now operates 11 hospitals with more than 1,400 beds in the Indian state of Maharashtra. Sahyadri Hospitals managing director and CEO Abrarali Dalal said: 'When Ontario Teachers' invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region. 'Backed by strong shareholder support, we've been able to invest over Rs9bn since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We've enjoyed a great partnership with the Ontario Teachers' team and are optimistic about the platform's continued positive impact on healthcare delivery.' Ontario Teachers' private capital managing director Rahul Mukim said: 'Our partnership with Sahyadri over the past three years has been focused on unlocking long-term value – investing behind key specialities and medical technology, expanding reach across the state and building institutional processes to strengthen the platform." The completion of this transaction is contingent upon regulatory approvals. Ontario Teachers' has engaged a team of advisers, including Jefferies and Alvarez & Marsal for financial advice, Latham & Watkins and Trilegal for legal counsel, and EY for accounting, tax, and commercial expertise. "Manipal Hospitals to acquire majority stake in Sahyadri Hospitals" was originally created and published by Hospital Management, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Indian Express
6 days ago
- Business
- Indian Express
Ontario Teachers' sells its stake in Sahyadri Hospitals Group to Manipal Hospitals
Ontario Teachers' Pension Plan Board (Ontario Teachers') on Wednesday announced that it has reached an agreement to sell its majority stake in Sahyadri Hospitals Group (Sahyadri) to Manipal Hospitals, which is one of the top healthcare providers in India serving over 7 million patients annually. Manipal Hospitals is backed by Temasek, a global investment company headquartered in Singapore with a net portfolio value of $324 billion as on March 31, 2025. Ontario Teachers' acquired a majority stake in Sahyadri in 2022 and, since then, has supported its growth into one of India's leading regional healthcare platforms. Sahyadri is one of Maharashtra's largest hospital chains, with 11 hospitals and over 1,400 beds. An official statement issued on Wednesday said the investment was made by Ontario Teachers' Private Capital team, in partnership with the management led by Managing Director and CEO of Sahyadri Hospitals Abrarali Dalal. Sahyadri has undergone a significant transformation over the past three years, growing both organically and through strategic mergers and acquisitions. Ontario Teachers' has supported the business in building clinical leadership and attracting medical talent in key specialties while making sustained capital investments into infrastructure, medical equipment, specialty programmes and institutional governance. The platform has also expanded its reach in smaller cities of Maharashtra, enabling the delivery of high-quality quaternary care across Maharashtra and neighbouring areas. Deepak Dara, senior managing director and head of India, Ontario Teachers', in a statement, said, '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. Our partnership with Sahyadri over the past three years underscores our belief in India's growing healthcare needs and our commitment to empowering local champions in delivering high-quality, accessible care. We wish the Sahyadri team continued success as they transition into their next phase.' 'When Ontario Teachers' invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region. Backed by strong shareholder support, we have been able to invest over Rs 900 crores since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We have enjoyed a great partnership with the Ontario Teachers' team and are optimistic about the platform's continued positive impact on healthcare delivery,' said Dalal.
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Business Standard
6 days ago
- Business
- Business Standard
Manipal buys Sahyadri from OTPP; hospital count rises to 49 across India
Bengaluru-headquartered Manipal Hospitals, India's second-largest hospital chain, has acquired Sahyadri Hospitals from Ontario Teachers' Pension Plan (Ontario Teachers'), a global investor with net assets of $194 billion. The acquisition will take Manipal's total bed count to about 12,000. While the deal size was not disclosed, sources close to the development pegged it at around Rs 5,800 crore. It is estimated that OTPP made 2.5-times returns on its investment in Sahyadri. It had acquired Sahyadri from Everstone Capital in August 2022 at a valuation of Rs 2,500 crore. Rahul Mukim, Managing Director, Private Capital, Ontario Teachers', said: 'Our partnership with Sahyadri over the past three years has been focused on unlocking long-term value — investing behind key specialties and medical technology, expanding reach across the state and building institutional processes to strengthen the platform. I would like to thank Abrarali Dalal, the management team and the clinicians and doctors at Sahyadri for their partnership and wish them every success in their next chapter with Manipal.' The acquisition of Pune-based Sahyadri Hospitals will add 11 hospitals to Manipal's network across Pune, Nashik, Ahilya Nagar and Karad, increasing Manipal's total number of hospitals to 49. The deal will further strengthen Manipal's position in western India. IPO-bound Manipal Hospitals is gradually expanding its network. The company has previously acquired Medica Synergy in Kolkata, Columbia Asia's Indian hospitals, AMRI Hospitals in Kolkata and Vikram Hospital in Bengaluru to increase its bed count. In June, KKR invested about $600 million in debt to support Manipal Group's strategic expansion and growth plans. Manipal Education and Medical Group (MEMG) Chairman Ranjan Pai said the acquisition would strengthen Manipal's presence in western India. The hospital chain outbid peers such as Fortis Healthcare, Aster DM Healthcare and other private equity firms to win the race for Sahyadri Hospitals. Dilip Jose, Managing Director and Chief Executive Officer, Manipal Health Enterprises, said: 'At Manipal Hospitals, we are focussed on maintaining a patient-centric ecosystem rooted in clinical excellence and transparency, serving a multitude of patients from all over the country, and beyond. We are delighted to welcome Sahyadri Hospitals into the Manipal family, with its top-rated multi-specialty facilities and world-class doctors. With the strong partnership of our valued stakeholders like Temasek and our other investors, we are excited to grow our operations.' Manipal Hospitals was supported by a team of advisers including Allegro Capital Advisors and Barclays (financial), Cyril Amarchand Mangaldas (legal), Alvarez & Marsal (accounting and commercial), and Deloitte (tax). Manipal Hospitals serves over 7 million patients annually. The company's integrated network has a pan-India footprint of 38 hospitals across 19 cities with more than 10,500 beds. Sahyadri Hospitals, a healthcare network in Maharashtra, comprises 11 hospitals with a total capacity of over 1,400 beds. Abrarali Dalal, Managing Director and Chief Executive Officer of Sahyadri Hospitals, said: 'When Ontario Teachers' invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region. Backed by strong shareholder support, we've been able to invest over Rs 900 crore since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We've enjoyed a great partnership with the Ontario Teachers' team and are optimistic about the platform's continued positive impact on healthcare delivery.' Deepak Dara, Senior Managing Director and Head of India, Ontario Teachers', said healthcare is a key investment theme for them globally and in India.
