Manipal Hospitals to Acquire Pune-Based Sahyadri Chain in ₹6,400 Crore Deal

Manipal Hospitals has signed a definitive agreement to acquire the Pune-headquartered Sahyadri Hospitals from Ontario Teachers’ Pension Plan. While the companies have not officially disclosed the price, multiple industry sources peg the transaction between ₹6,200–6,400 crore ($750–760 million)

The acquisition adds 11 hospitals across Pune, Nashik, Ahilya Nagar, and Karad—comprising over 1,400 beds—to Manipal’s network. Post-acquisition, Manipal will boast approximately 49 hospitals and around 12,000 beds nationwide, solidifying its position as one of India’s largest hospital chains

Ontario Teachers’ originally invested in Sahyadri in 2022, acquiring control at a valuation of about ₹2,500 crore, and has since funded approximately ₹900 crore in growth initiatives—expanding clinical capabilities, infrastructure, and specialty services . The exit marks a 2.6× return on investment for the pension fund

This deal is part of a wider consolidation trend in India’s healthcare sector. Manipal, backed by Temasek and TPG Capital and IPO-bound, outpaced rival bidders including Blackstone-backed Aster DM, Fortis, IHH/Max, and EQT, with early bids reportedly at ₹6,838 crore ($800 million)

Ranjan Pai, Chairman of Manipal Education & Medical Group, commented: “This acquisition strengthens our presence in western India, enabling us to extend world-class healthcare to more patients.” Likewise, Deepak Dara of Ontario Teachers’ highlighted Sahyadri’s transformation into a leading regional healthcare provider

The transaction awaits regulatory clearance and completes Manipal’s expansion strategy, which includes recent acquisitions of AMRI Hospitals and Columbia Asia’s India operations