Danish Novo Holdings Acquires 49% Stake in Pune’s Surya Hospitals

Novo Holdings, the Danish parent company of pharma giant Novo Nordisk, on Tuesday announced its investment in Pune-headquartered Surya Hospitals. While the company did not reveal the details of the investment, a report claimed the deal was worth between ₹1,000–2,000 crore.

Citing sources, The Economic Times (ET) reported that the Danish firm acquired a 49% stake in the largest private women’s and children’s specialty hospital chain in Western India.

Surya Hospitals operates a network of superspecialty hospitals across Mumbai, Pune, and Jaipur. It was earlier reported that one of its key investors, private equity firm SeaLink Capital Partners, was looking to offload its 49% stake.

On Tuesday, Novo Holdings said the investment would support Surya Hospitals’ next phase of growth, including expanding its footprint across Western India, continued development of clinical infrastructure, and strengthening its specialist medical teams.

JM Financial Limited acted as the exclusive sell-side advisor to Surya Children’s Medicare and SCP on the transaction.

“Surya Hospitals has built an exceptional reputation over decades for excellence in women’s and children’s care, underpinned by outstanding doctors and strong clinical outcomes. We are pleased to partner with Surya as a long-term investor and support its ambition to broaden access to high-quality maternal and paediatric care,” said Amit Kakar, Managing Partner and Head of Asia at Novo Holdings.

Following the investment, Amit Kakar, along with his colleague Navjeewan Khosla, will join the board of directors at Surya Hospitals, and Hulbert Soh, Principal at Novo Holdings Asia, will join as a board observer.

“This partnership will support our growth ambitions while reinforcing our commitment to delivering the highest standards of care for women and children, led by some of the best clinicians in the country,” said Dr Bhupendra Avasthi, Chairman and Managing Director of Surya Hospitals.

Before the transaction, Surya Hospitals' founders, including Dr Avasthi and Shobha Sharma, held a 43% stake, according to data from Traxcn. Enterprise and Surya Women and Children each owned 3.9%, while angel investors held a 3.6% stake.

The deal adds to the growing number of mergers and acquisitions deal in India's healthcare sector. Last year, Ranjan Pai-led Manipal Hospitals acquired Sahyadri Hospitals, previously owned by the Ontario Teachers’ Pension Plan, for ₹6,400 crore. In a separate deal, US private equity firm KKR acquired a controlling stake in Kerala-based Baby Memorial Hospital for ₹2,000 crore in 2024.