Three years after acquiring a controlling stake in Pune-based Sahyadri Hospitals, the Ontario Teachers’ Pension Plan (OTPP) has exited its investment, selling the hospital chain to Manipal Hospitals, backed by Temasek. The move marks another major step in the ongoing consolidation of India’s healthcare sector.
While the official announcement made on Wednesday did not disclose financial terms, sources familiar with the matter said Manipal agreed to acquire the majority stake for approximately $750–760 million (₹6,200–6,400 crore). OTPP had acquired Sahyadri in 2022 for around ₹2,300 crore.
In a competitive bidding process, Manipal outpaced other contenders including Blackstone-backed Aster DM Quality Care, Fortis Healthcare, and private equity firm EQT.
With this acquisition, Manipal Hospitals strengthens its footprint in western India and increases its total capacity to nearly 12,000 beds across 49 hospitals, up from its previous count of over 10,500 beds. This strategic expansion aligns with Manipal’s broader objective to deepen its pan-India presence as it prepares for a potential public listing.
“This acquisition will strengthen our presence in western India, enabling us to extend world-class healthcare to more patients,” said Ranjan Pai, Chairman of Manipal Education and Medical Group.
OTPP, reflecting on its exit, emphasized healthcare as a core global investment theme. “We saw an opportunity to build on Sahyadri’s strong brand and help develop a regional healthcare leader,” said Deepak Dara, Senior Managing Director and Head of India at OTPP.
Manipal Hospitals is now one of the top three hospital chains in India, alongside Apollo Hospitals and Aster DM Quality Care.