Manipal Hospitals has approached the Competition Commission of India (CCI) for approval to acquire Pune-based Sahyadri Hospitals from global investor Ontario Teachers’ Pension Plan Board. The deal, estimated at ₹6,200–₹6,400 crore, marks a major move in Manipal’s pan-India expansion strategy.
According to a notice filed with the CCI, Manipal Hospitals Private Limited plans to acquire up to 100% stake in Sahyadri Hospitals. The acquisition will take place through multiple tranches.
Market Impact and Competition
Both Manipal and Sahyadri Hospitals asserted that the proposed transaction would not adversely affect any relevant market in India. “The proposed transaction does not have any appreciable adverse effect on competition (AAEC), and the definition of the relevant product and geographic market may be left open,” they stated.
Manipal’s Network to Grow to 49 Hospitals
As reported by Business Standard, this acquisition will significantly boost Manipal’s national presence. With the addition of Sahyadri’s 11 hospitals in Pune, Nashik, Ahilya Nagar, and Karad, Manipal’s network will expand significantly. It will now include 49 hospitals and approximately 12,000 beds, placing it among the largest hospital chains in India.
Leadership Comments on the Deal
Dilip Jose, Managing Director and CEO of Manipal Health Enterprises, expressed optimism about the acquisition:
“With the strong partnership of our valued stakeholders like Temasek and other investors, we are excited to grow our operations and bring Manipal’s trusted brand of quality healthcare to many more patients.”
Ranjan Pai, Chairman of Manipal Education and Medical Group (MEMG), emphasized the strategic significance:
“This expansion will strengthen our presence in western India and solidify our position as one of the largest hospital networks in the country.”
Backed by Global Investment Giants
Manipal Hospitals is backed by Temasek, a global investment firm headquartered in Singapore. As of March 31, 2025, Temasek’s portfolio was valued at USD 324 billion.
Ontario Teachers’, a Canadian pension fund with net assets of USD 266.3 billion as of December 31, 2024, had acquired a majority stake in Sahyadri Hospitals in 2022. Sahyadri has since grown into one of Maharashtra’s largest hospital chains, with over 1,400 beds across its 11 facilities.
Conclusion
This acquisition positions Manipal Hospitals to strengthen its leadership in Indian healthcare. It also accelerates the company’s mission to deliver quality care nationwide.