KKR backs Manipal Group with $600 million in largest India credit deal

KKR has announced a $600 million structured financing to the Manipal Group, one of India’s most prominent conglomerates in healthcare, education, and health insurance, marking the global investment firm’s largest credit investment in India so far.

The transaction, arranged by KKR Capital Markets and backed by KKR’s private credit and insurance platforms, is designed to provide flexible, long-term capital aligned with the Manipal Group’s strategic expansion goals.

Further details of the transaction were not disclosed.

“We are pleased to deepen our relationship with the Manipal Group and Dr. Ranjan Pai, who have established one of India’s pre-eminent and homegrown businesses,” said Gaurav Trehan, Co-Head of KKR Asia Pacific and Head of Asia Private Equity. “The Manipal Group has built a strong reputation over the decades as one of India’s healthcare and education leaders.”

Founded in 1953 by Padma Shri Dr. TMA Pai, Manipal Education and Medical Group (MEMG) touches over 20 million lives annually. Manipal Hospitals is now India’s largest tertiary healthcare network, while its flagship Manipal Academy of Higher Education (MAHE) is recognised as an Institute of Eminence by the Indian government. The Manipal Group has campuses in Manipal, Mangaluru, Bengaluru, Jaipur, and Jamshedpur. Additionally, MAHE has an offshore campus in Dubai (UAE) and another in Melaka (Malaysia). 

“We are proud to welcome KKR as a strategic partner,” said Dr. Ranjan Pai, Chairman of MEMG. “Their flexible capital approach and alignment with our long-term vision make them a strong fit for us.”

Diane Raposio, Partner and Head of Asia Credit and Markets at KKR, added that the deal showcases the strength of KKR’s global credit platform. “India is a priority market for our credit strategy,” she said, underlining the firm’s commitment to backing high-quality companies like Manipal.

Since 2019, KKR has deployed over $8 billion across roughly 60 credit investments under its Asia Pacific Credit strategy, with a total transaction volume exceeding $21 billion.