Manipal Hospitals, led by billionaire Dr. Ranjan Pai and backed by Singapore's Temasek Holdings, is emerging as the frontrunner in the high-stakes race to acquire Sahyadri Hospitals from the Ontario Teachers’ Pension Plan (OTPP). According to multiple industry sources, Manipal has submitted the highest binding bid, valuing the equity at approximately ₹6,150 crore, outpacing other contenders.
Discussions between Manipal and OTPP have reportedly advanced swiftly, and the final agreement could be signed within days, followed by an official announcement. Sources confirmed that Manipal's bid has surpassed those from other suitors, including Swedish private equity firm EQT, AsterDM Quality Care (a Blackstone-Aster JV), and Malaysia’s IHH Healthcare.
This acquisition marks Manipal Hospitals’ fourth major buyout since 2021, underlining its aggressive expansion strategy. Previous acquisitions include Vikram Hospitals, Columbia Asia’s India operations, and AMRI Hospitals from the Emami Group. The addition of Sahyadri Hospitals would further strengthen Manipal’s footprint in western India, particularly Maharashtra.
Sahyadri Hospitals operates over 1,200 beds across 11 hospitals in Pune, Ahmednagar (Ahilyanagar), and Nashik, with expansion plans underway. The deal could significantly shift the competitive landscape in the Indian hospital sector, where Manipal is vying with Apollo Hospitals, Max Healthcare, and Aster DM for leadership in bed capacity, EBITDA, and revenues.
OTPP, which acquired a majority stake in Sahyadri from Everstone Group in 2022 at a valuation of around ₹2,500 crore, had brought in Jefferies as the investment banker to manage the sale process, later supported by Alvarez & Marsal. Since its acquisition, OTPP has invested in scaling up specialties like oncology and mother-and-child care across the Sahyadri network.
Sahyadri was founded in 1994 by Dr. Charudutt Apte (father of actor Radhika Apte), Sadanand Bapat, and Nitin Desai, beginning with the Pune Institute of Neurology. Today, it has over 2,000 clinicians, 4,000+ staff, and 50+ lab collection centres across Maharashtra.
KKR, another notable investor in India’s healthcare space with holdings in Baby Memorial Hospital and HCG Cancer Hospitals, had earlier shown interest in the Sahyadri transaction. Interestingly, KKR recently extended a $600 million credit facility to the broader Manipal Group—its largest credit deal in India to date.
An official update is expected once final documents are signed.