Manipal Hospitals has approached the Competition Commission of India (CCI) for approval to acquire Pune-based Sahyadri Hospitals from the Ontario Teachers’ Pension Plan Board, in a deal estimated to be worth between Rs 6,200 crore and Rs 6,400 crore, according to industry sources.
As per the notification submitted to the CCI, the transaction involves Manipal Hospitals Pvt Ltd acquiring up to 100% equity in Sahyadri Hospitals Pvt Ltd through multiple tranches. The companies emphasized that the deal will not affect competition in any significant manner and therefore did not define any specific product or geographic market, leaving it to the CCI’s discretion for assessment.
The agreement for the acquisition was formally signed last month between Manipal Hospitals and Ontario Teachers’. This strategic move is expected to boost Manipal’s total bed capacity to nearly 12,000, further cementing its position as one of the largest hospital networks in India.
With the addition of Sahyadri’s 11 hospitals across Pune, Nashik, Ahilya Nagar, and Karad, Manipal’s total hospital count will rise to 49. This acquisition marks a significant step in Manipal’s expansion strategy, particularly strengthening its presence in western India.
Dilip Jose, MD and CEO of Manipal Health Enterprises, said the company is committed to expanding its footprint across the country, supported by key investors such as Temasek. Chairman Ranjan Pai of the Manipal Education and Medical Group (MEMG) echoed this sentiment, highlighting that the expansion will reinforce their leadership in the Indian healthcare space.
Temasek, Manipal’s major investor, is a global investment company based in Singapore with a portfolio valued at approximately USD 324 billion as of March 31, 2025.
Sahyadri Hospitals, one of the largest healthcare providers in Maharashtra, operates 11 facilities with over 1,400 beds. The Ontario Teachers’ Pension Plan Board, a global investor with assets totaling USD 266.3 billion as of December 31, 2024, had acquired a majority stake in Sahyadri in 2022.
