Manipal Hospitals acquires Sahyadri Hospitals, expands footprint in western India

Manipal Hospitals has announced the acquisition of Pune-based Sahyadri Hospitals, in a move that significantly expands its presence in western India and strengthens its position as one of the country’s largest healthcare networks.

The acquisition, signed with Ontario Teachers’ Pension Plan — the current owner of Sahyadri Hospitals and a global investor with assets of $194 billion as of December 2024 — will add 11 hospitals to Manipal’s network. These facilities are located across Pune, Nashik, Ahilya Nagar, and Karad.

With this latest acquisition, Manipal Hospitals will now operate 49 hospitals nationwide, with a combined capacity of approximately 12,000 beds.

“This is a strategic step forward in our mission to make quality healthcare accessible across India,” said Dilip Jose, managing director and CEO of Manipal Health Enterprises. “Sahyadri’s strong reputation, clinical excellence, and team of world-class doctors align well with Manipal’s patient-first approach.”

Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), echoed this sentiment. “From a single hospital in Bengaluru in 1991, we have grown into one of the largest hospital chains in India. This expansion into western India marks another proud milestone.”

While the company did not disclose financial details of the deal, media reports pegged the deal at ₹6,400 crore.

The transaction underscores Manipal’s broader strategy to establish a strong pan-India presence, ensuring access to advanced healthcare services in more regions.

Manipal was advised on the deal by Allegro Capital Advisors and Barclays (financial), Cyril Amarchand Mangaldas (legal), Alvarez & Marsal (accounting and commercial), and Deloitte (tax).

Sahyadri Hospitals is known for its multi-specialty care and will now operate under the Manipal Hospitals umbrella, contributing to its growing network and national reach.

The deal comes a month after private equity giant KKR 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, was designed to provide flexible, long-term capital aligned with the Manipal Group’s strategic expansion goals. “We are proud to welcome KKR as a strategic partner,” said Pai said at the time. “Their flexible capital approach and alignment with our long-term vision make them a strong fit for us.”

Founded in 1953, Manipal Education and Medical Group (MEMG) operates Manipal Hospitals, 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.