Manipal Hospitals, backed by Singapore’s Temasek and led by Dr. Ranjan Pai, along with Swedish private equity giant EQT, have emerged as the frontrunners to acquire Sahyadri Hospitals in a competitive bidding process. Binding bids have been submitted, positioning both entities ahead in the race to acquire the Pune-based hospital chain.
Sahyadri Hospitals, Maharashtra’s largest private multi-specialty healthcare network, is currently owned by Canada’s Ontario Teachers’ Pension Plan (OTPP), which has identified India as a key growth market in its push to reach $300 billion in net assets by 2030.
Other major players in the fray include Aster DM Healthcare India, backed by Blackstone and TPG, and Malaysia-based IHH Healthcare, which operates the Fortis and Gleneagles hospital networks in India.
Private equity firm KKR, which had initially shown interest in the Sahyadri deal, has since withdrawn from the bidding process but continues to remain active in the Indian healthcare space. Notably, KKR recently extended a $600 million credit facility to the diversified Manipal Group—its largest credit transaction in India to date.
For Manipal Hospitals, the acquisition aligns with its aggressive expansion strategy ahead of its anticipated IPO. The South India-focused hospital chain has grown through key acquisitions, including Vikram Hospitals and Columbia Asia’s Indian operations, and has shown sustained interest in assets like KIMS Healthcare.
Meanwhile, EQT has been rapidly increasing its footprint in India, having invested over $6 billion in the past 21 months. Already backing healthcare ventures such as AIG Hospitals and Indira IVF, EQT is looking to replicate its success in the IT sector through strategic control deals in healthcare and financial services.
The acquisition of Sahyadri Hospitals could significantly strengthen the buyer’s presence in western India and further consolidate the highly competitive Indian private healthcare landscape.