Manipal Health Clinches Sahyadri Deal For Rs 6,400 Cr After Intense Bidding War: Report

Also Read: Manipal Outbids Blackstone, Fortis to Lead Race for Sahyadri Hospitals with Rs 6,838 Cr Offer

Quoting ET’s exclusive report, Ranjan Pai, Chairman, Manipal Education and Medical Group, said, “This acquisition will strengthen our presence in Western India, enabling us to extend world-class healthcare to more patients.”

Manipal’s expansion follows a recent $600 million debt infusion from KKR, aimed at fueling acquisitions and growth ahead of its expected IPO. The hospital chain had previously acquired AMRI Hospitals for Rs 2,400 crore in 2023 and Columbia Asia India for Rs 2,100 crore in 2021.

The deal also marks a significant return for OTPP, which acquired Sahyadri in August 2022 for Rs 2,500 crore. By exiting at Rs 6,400 crore, the Canadian pension giant has booked a 2.6x return on its investment in just under three years. As per ET, this implies a valuation multiple of 31x Sahyadri’s FY25 EBITDA of Rs 210 crore, a figure comparable to Apollo Hospitals’ 36x valuation.

OTPP’s senior India head, Deepak Dara, remarked, “We saw the potential to build on Sahyadri’s strong brand to create a regional healthcare leader.”

Adding further context, Rahul Mukim, Managing Director, Private Capital at OTPP, said, “Our partnership with Sahyadri… focused on unlocking long-term value—investing behind key specialties, expanding reach and building institutional processes.”

This acquisition comes as India’s private healthcare market experiences heightened deal activity, with operators like Manipal aiming to consolidate regional powerhouses under large national umbrellas. For OTPP, the deal caps a successful three-year engagement that began with a buyout from Everstone Capital, who had acquired Sahyadri from its founder, Dr Charudutt Apte, in 2019 for Rs 1,000 crore.