Manipal Hospitals on Wednesday said it will acquire Pune-based Sahyadri Hospitals from global investor Ontario Teachers' Pension Plan Board in a deal pegged at around ₹6,400 crore.
The companies did not share deal size but industry sources estimate the deal size to be in the range of ₹6,200-₹6,400 crore.
Manipal Hospitals said it has inked definite agreements with Ontario Teachers' for the acquisition.
The Bengaluru-based healthcare major said the acquisition of Sahyadri Hospitals will bring Manipal's total bed count to about 12,000, making it one of India's largest hospital networks.
The acquisition will add 11 hospitals to Manipal's network across Pune, Nashik, Ahilya Nagar and Karad, increasing its total number of hospitals to 49, it added.
Through this acquisition, Manipal said it will expand its presence in western India, in line with its strategy to augment its pan-India footprint.
"With the strong partnership of our valued stakeholders like Temasek and our other investors, we are excited to grow our operations and bring Manipal's trusted brand of quality healthcare to many more patients," Manipal Health Enterprises MD & CEO Dilip Jose said.
Manipal Education and Medical Group (MEMG) Chairman Ranjan Pai said the acquisition will strengthen Manipal's presence in western India.
"With this expansion, Manipal Hospitals will have a network of approximately 12,000 beds nationwide, solidifying our position as one of the largest hospital chains in India," he added.
Manipal Hospitals is backed by Temasek, a global investment company headquartered in Singapore with net portfolio value of around USD 324 billion as on March 31, 2025.
A global investor with net assets of USD 266.3 billion as on December 31, 2024, Ontario Teachers' Pension Plan Board (Ontario Teachers') acquired a majority stake in Sahyadri in 2022.
Deepak Dara, Senior Managing Director and Head of India, Ontario Teachers', said, "Healthcare is a key investment theme for us globally and in India. Drawing on our global experience and playbook of investing in healthcare services, we saw the potential to build on Sahyadri's strong brand to create a regional healthcare leader." Sahyadri Hospitals MD and CEO Abrarali Dalal said: "Backed by strong shareholder support, we've been able to invest over ₹900 crore since 2022, leveraging our combined expertise to drive the transformation of Sahyadri." The Pune-based hospital chain is now one of Maharashtra's largest, with 11 hospitals and over 1,400 beds.
