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Indian Express
4 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.
Mint
4 days ago
- Business
- Mint
Manipal buys Pune's Sahyadri Hospitals from Ontario Teachers for $760 mn
Three years after acquiring a controlling stake in Pune-based Sahyadri Hospitals, Ontario Teachers Pension Plan (OTPP) has sold the chain to Temasek-backed Manipal Hospitals as consolidation continues in India's healthcare market. The company's statement announcing the deal late on Wednesday didn't disclose financial details. However, according to two people with knowledge of the development, Manipal has agreed to pay around $750-760 million (about ₹ 6,200-6,400 crore) for the majority stake in its attempt to bulk up its asset base before it looks to go public. OTPP had reportedly bought the firm for ₹ 2300 crore in 2022. Manipal outbid Blackstone-backed Aster DM Quality Care in the process, the people said. Other bidders were Fortis Healthcare and global private equity firm EQT. This transaction further consolidates the healthcare market in India as large firms have been looking to grow via inorganic route in the past few years. This acquisition will strengthen Manipal Hospitals' presence in western India, increasing its total beds to about 12,000 and hospitals to 49. The expansion is in line with Manipal's strategy to augment its pan-India footprint, it said in the release. 'This acquisition will strengthen our presence in western India, enabling us to extend world-class healthcare to more patients,' said Ranjan Pai, chairman, Manipal Education and Medical Group. Prior to the acquisition, Manipal had over 10,500 beds and was among the top three hospital chains in India, along with Apollo Hospitals and Aster DM Quality Care. '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," Deepak Dara, senior managing director and head of India, Ontario Teachers Pension Plan, said in a separate statement.
Economic Times
4 days ago
- Business
- Economic Times
Manipal Health buys Sahyadri Hospitals for Rs 6,400 crore
Synopsis Manipal Health Enterprises, backed by Temasek and TPG Capital, has acquired Sahyadri Hospitals from Ontario Teachers Pension Plan for ₹6,400 crore, strengthening its presence in Western India. This acquisition will increase Manipal's bed count to 12,000 nationwide. OTPP made a 2.6 times return on its investment in Sahyadri, which operates 11 facilities across Maharashtra. Manipal Health Manipal Health Enterprises, India's 2nd largest hospital chain, has bought Sahyadri Hospitals from Canada's Ontario Teachers Pension Plan (OTPP), as per an official release from both sides that did not divulge financial had first reported on 30 June that Bengaluru-headquartered Manipal was leading the race to acquire the Maharashtra-focused Sahyadri deal was executed at a price of Rs. 6400 crore (around $750 million), slightly lower than the figure of Rs 6,833 crore ($800 million) that ET had reported, according to sources. IPO-bound Manipal Health, which is backed by Temasek and TPG Capital, outbid three other players including rivals Fortis and Aster DM Healthcare and Swedish private equity firm EQT, according to information ET had published earlier. "This acquisition will strenghten our presence in Western India , enabling us to extend world class healthcare to more patients," said Ranjan Pai, Chairman, Manipal Education and Medical Group. Manipal will have 12,000 beds nationwide post this acquisition. In June 2025, KKR invested $600 million in debt into the Manipal Group to support its accelerated expansion and corporate growth plans."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 at acquired Sahyadri from Everstone Capital in August 2022 at a valuation of around Rs 2,500 crore, outbidding Max Healthcare. Everstone had bought the hospital chain three years earlier in 2019 from its founder, neurosurgeon Charudutt Apte, for about Rs 1,000 Hospitals operates 11 facilities across Pune, Nashik, Ahilya Nagar and Karad, comprising 1,300 beds, 2,500 clinicians and 3,500 support staff, according to information available on its Alvarez & Marsal, EY and Trilegal were advisers to OTPP. Barclays and Allegro Capital, Deloitte and Cyril Amarchand Mangaldas advised the current sale price OTPP has made a 2.6 times return on its three year old investment. OTPP is a global investment manager with $178 billion in net assets. It administers retirement funds for more than 340,000 schoolteachers and administrative staff in the Canadian province of deal value translates in to a valuation multiple of 31 times Sahyadri Hospitals' financial year 2024-25 operating profits of Rs. 210 crore. The nations largest hospital Apollo which is listed is valued at 36 times its financial year 2024-25 operating first reported on December 6 last year that OTPP was planning to put Sahyadri Hospitals on the block. ET subsequently reported in May that Manipal, IHH Healthcare-backed Fortis, EQT and Blackstone-backed Aster DM Healthcare were competing to buy Sahyadri Hospitals is estimated to have posted Rs 210 crore in earnings before interest, tax, depreciation and amortisation on revenue of Rs 1,200 crore in FY25, said a fund manager at one of the bidding private equity Hospitals, the second-largest hospital chain in India, has been on an aggressive acquisition spree. In 2023, it acquired an 84% stake in Kolkata-based AMRI Hospitals in a deal valued at Rs 2,400 crore. Two years earlier, it bought Columbia Asia's Indian operations for Rs 2,100 crore. Key highlights Manipal Health is India's 2nd largest hospital operator. Apollo Hospitals is the largest hospital chain Sahyadri Hospitals has 11 hospitals in Maharashtra ET had first reported that Manipal was leading the race to acquire Sahyadri Hospitals on 30 June Ontario Teachers Pension Plan (OTPP) had purchased Sahyadri Hospitals in August 2022 for Rs. 2,500 crore OTPP has made 2.6x return by selling its three year-old investment
Time of India
4 days ago
- Business
- Time of India
Manipal Health buys Sahyadri Hospitals for Rs 6,400 crore
Manipal Health Enterprises, India's 2nd largest hospital chain, has bought Sahyadri Hospitals from Canada's Ontario Teachers Pension Plan (OTPP), as per an official release from both sides that did not divulge financial details. ET had first reported on 30 June that Bengaluru-headquartered Manipal was leading the race to acquire the Maharashtra-focused Sahyadri Hospitals. The deal was executed at a price of Rs. 6400 crore (around $750 million), slightly lower than the figure of Rs 6,833 crore ($800 million) that ET had reported, according to sources. IPO-bound Manipal Health, which is backed by Temasek and TPG Capital, outbid three other players including rivals Fortis and Aster DM Healthcare and Swedish private equity firm EQT, according to information ET had published earlier. "This acquisition will strenghten our presence in Western India , enabling us to extend world class healthcare to more patients," said Ranjan Pai, Chairman, Manipal Education and Medical Group. Manipal will have 12,000 beds nationwide post this acquisition. In June 2025, KKR invested $600 million in debt into the Manipal Group to support its accelerated expansion and corporate growth plans. "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 at OTPP. OTPP acquired Sahyadri from Everstone Capital in August 2022 at a valuation of around Rs 2,500 crore, outbidding Max Healthcare. Everstone had bought the hospital chain three years earlier in 2019 from its founder, neurosurgeon Charudutt Apte, for about Rs 1,000 crore. Sahyadri Hospitals operates 11 facilities across Pune, Nashik, Ahilya Nagar and Karad, comprising 1,300 beds, 2,500 clinicians and 3,500 support staff, according to information available on its website. Jefferies, Alvarez & Marsal, EY and Trilegal were advisers to OTPP. Barclays and Allegro Capital, Deloitte and Cyril Amarchand Mangaldas advised Manipal. At the current sale price OTPP has made a 2.6 times return on its three year old investment. OTPP is a global investment manager with $178 billion in net assets. It administers retirement funds for more than 340,000 schoolteachers and administrative staff in the Canadian province of Ontario. The deal value translates in to a valuation multiple of 31 times Sahyadri Hospitals' financial year 2024-25 operating profits of Rs. 210 crore. The nations largest hospital Apollo which is listed is valued at 36 times its financial year 2024-25 operating profits. ET first reported on December 6 last year that OTPP was planning to put Sahyadri Hospitals on the block. ET subsequently reported in May that Manipal, IHH Healthcare-backed Fortis, EQT and Blackstone-backed Aster DM Healthcare were competing to buy Sahyadri Hospitals. Sahyadri Hospitals is estimated to have posted Rs 210 crore in earnings before interest, tax, depreciation and amortisation on revenue of Rs 1,200 crore in FY25, said a fund manager at one of the bidding private equity funds. Manipal Hospitals, the second-largest hospital chain in India, has been on an aggressive acquisition spree. In 2023, it acquired an 84% stake in Kolkata-based AMRI Hospitals in a deal valued at Rs 2,400 crore. Two years earlier, it bought Columbia Asia's Indian operations for Rs 2,100 crore. Key highlights Manipal Health is India's 2nd largest hospital operator. Apollo Hospitals is the largest hospital chain Sahyadri Hospitals has 11 hospitals in Maharashtra ET had first reported that Manipal was leading the race to acquire Sahyadri Hospitals on 30 June Ontario Teachers Pension Plan (OTPP) had purchased Sahyadri Hospitals in August 2022 for Rs. 2,500 crore OTPP has made 2.6x return by selling its three year-old investment
