Manipal Health Enterprises, India’s second-largest hospital chain, has completed the acquisition of Sahyadri Hospitals for ₹6,400 crore. The deal was made with the Ontario Teachers’ Pension Plan, marking a major move in India’s healthcare sector. This acquisition strengthens Manipal’s reach in western India.
Sahyadri is Maharashtra’s biggest private hospital group, with 11 hospitals and over 1,300 beds across cities like Pune, Nashik, and Karad. It was earlier acquired by Ontario Teachers’ in 2022. The latest sale has given the investor a return of 2.6 times their original investment.
Manipal won the deal after a competitive bidding process, reportedly offering ₹6,838 crore. It outbid other major players such as Blackstone, EQT, and Fortis, which is backed by IHH Healthcare. To finance the acquisition, Manipal partnered with foreign lenders to raise up to ₹5,000 crore, and Fortis was also part of the funding talks.
With this acquisition, Manipal’s total bed capacity has increased to around 12,000 across India. The move supports the company’s aggressive growth plan and comes at a time when it is preparing for a potential initial public offering. It also helps Manipal fill a key regional gap by establishing a stronger presence in western India.
This deal is part of a broader trend of consolidation in India’s healthcare industry. Experts say growing interest from investors and private equity firms, along with increasing demand for quality healthcare in urban and semi-urban areas, is driving this trend.
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