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

New Delhi: Manipal Health Enterprises (MHE), India's second-largest hospital chain, has emerged as the frontrunner to acquire Sahyadri Hospitals, with a commanding all-cash bid of Rs 6,838 crore (approximately USD 820 million).
The offer places Manipal ahead of prominent global and domestic contenders such as Blackstone, EQT Partners, IHH Healthcare-backed Fortis, KKR-backed Quality Care Hospitals, and Aster DM Healthcare.
From Everstone to OTPP: Sahyadri’s Growth and Sale
Sahyadri Hospitals was founded in 1994 by renowned neurosurgeon Dr Charudutt Apte and has grown into Maharashtra’s largest private hospital chain. Headquartered in Pune, the group operates 11 hospitals across Pune, Nashik, Karad, and Ahilya Nagar, with a network of approximately 1,300 beds, 2,500 clinicians, and 3,500 staff.
In 2019, private equity firm Everstone Capital acquired a majority stake in Sahyadri for about Rs 1,000 crore. In 2022, the chain was acquired by Canada’s Ontario Teachers' Pension Plan (OTPP) for around Rs 2,500 crore—marking OTPP’s first major foray into Indian healthcare. The current divestment process, advised by Jefferies and Alvarez & Marsal, is expected to deliver OTPP a return of nearly 3x.
Also Read: Manipal Hospitals Buys Hospital Property Worth Rs 415 Crore in Mumbai's Andheri
Intense Bidding from Global and Domestic Giants
According to Moneycontrol, binding bids for Sahyadri were submitted by June 23, attracting a high-profile list of investors. Manipal Health Enterprises—backed by Temasek and TPG—has taken the lead. Other bidders include Blackstone, via its Quality Care Hospitals platform; Swedish private equity firm EQT Partners; and IHH Healthcare-backed Fortis, owned by Malaysia’s IHH.
KKR-backed Quality Care Hospitals, in partnership with TPG and Aster DM Healthcare, has also made a bid. Aster is reportedly exploring a direct acquisition route as well. Warburg Pincus and Temasek were among the firms that showed early interest, reflecting robust global investor appetite for premium Indian hospital assets.
An Economic Times report confirms that Manipal’s bid was submitted as part of a heated auction process, and if finalized, OTPP’s exit at Manipal’s offer price would yield a near 3x return in just three years.
Sahyadri's Performance Justifies Premium Valuation
Sahyadri clocked revenues of Rs 1,200 crore and an EBITDA of Rs 210 crore in FY25, according to HDFC Sky. Its strong financials, operational scale, and regional dominance in Maharashtra contribute to the high valuation. The chain also recently ventured into cutting-edge therapies, including a partnership with ImmunoACT to offer advanced CAR-T cell treatments.
Also Read: Sahyadri Hospitals collaborates with ImmunoACT for Advanced CAR-T Cell Therapies
Strategic Fit for Manipal Ahead of IPO
For Manipal, the acquisition fits into its aggressive growth strategy as it gears up for an initial public offering. With 33 hospitals in its current portfolio, Manipal is India’s second-largest hospital chain after Apollo Hospitals but lacks a significant presence in Maharashtra. The Sahyadri deal offers an immediate foothold in the western region.
This would be Manipal’s third major acquisition in recent years. In 2021, it acquired Columbia Asia’s India operations for over Rs 2,100 crore, followed by an 84% stake in AMRI Hospitals in 2023 for approximately Rs 2,400 crore. The group has also secured a $600 million debt facility from KKR to support its expansion pipeline.
Healthcare M&A on the Rise
The Sahyadri auction comes amid a broader boom in India’s healthcare M&A space. As reported by M&A Critique and The Economic Times, private equity and FDI investment into Indian hospitals has exceeded $8 billion over the past three years. Key growth drivers include rising insurance penetration, increasing lifestyle diseases, and growing demand for quality healthcare services across urban and semi-urban India.
Apart from Manipal, other interested players like Blackstone, EQT, KKR, TPG, and IHH have been actively investing in Indian hospital assets, highlighting a sustained interest in scalable, regionally dominant platforms.
Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751