Temasek acquires additional 41% stake in India’s Manipal Health Enterprises, valuing the hospital chain at $5 billion
- ByStartupStory | April 8, 2023
According to sources, Temasek Holdings, a Singapore government-owned fund, has acquired a further 41 percent stake in Manipal Health Enterprises, one of the largest hospital chains in India, from the promoters and current investors. Sheares Health, a Temasek-owned company, previously owned 18% of the hospital chain; with the addition of the new 41 percent stake, its overall ownership of the business has increased to 59 percent. According to sources within the company, the deal values the hospital chain at $5 billion, or 40,000 crore.
An official announcement is anticipated for Monday, according to sources, despite Manipal Health Enterprises’ refusal to comment. The stake held by Manipal Health promoter Ranjan Pai and family will be decreased from 52 to 30 percent following the transaction.
According to sources, National Infrastructure Investment Fund (NIIF), another investor, has completely exited the Manipal hospital network by selling its 8% stake. TPG Capital Management, an existing private equity investment, has sold 11% of its 22% share. Temasek is thought to have acquired the remaining stake from the business’s promoters.
The Kasturba Medical College was founded in Manipal, Karnataka, in 1953 by Dr. TMA Pai, the founder of the Manipal Education and Medical Group (MEMG). Manipal Hospitals Enterprises was founded later in 1991 with the opening of its 650-bed flagship hospital in Bangalore’s Old Airport Road. Today, the organisation runs a network of 28 hospitals in 15 cities, totaling more than 7,850 operational beds.
It’s interesting that the deal happens as Manipal Hospitals considers paying $2,400 crore to buy AMRI Hospitals in Kolkata. According to the official, an agreement is said to have been signed and is awaiting approval from the West Bengal government.
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