The acquisition will expand Manipal Hospitals’ national network to 49 hospitals and about 12,000 beds, strengthening its reach in western India.
Manipal Hospitals has filed a notice with the Competition Commission of India (CCI) seeking approval to acquire Pune-based Sahyadri Hospitals. The proposed deal, structured in multiple tranches, involves the acquisition of up to 100 percent shareholding in Sahyadri Hospitals Pvt Ltd. The deal value has not been officially disclosed by the companies, but industry sources estimate it between ₹6,200 and ₹6,400 crore.
According to The Economic Times, in the CCI filing, the companies stated that the proposed transaction would not affect the relevant market or lead to any appreciable adverse effect on competition in India. Both parties also suggested that the definition of relevant product and geographic markets could be left open for the regulator’s assessment.
Last month, Manipal Hospitals signed definitive agreements with Ontario Teachers’ Pension Plan Board, the current majority stakeholder in Sahyadri Hospitals. Ontario Teachers’, a global investor with net assets of USD 266.3 billion as of December 2024, acquired its stake in Sahyadri in 2022.
Post-acquisition, Manipal Hospitals will add 11 facilities located across Pune, Nashik, Ahilya Nagar, and Karad, bringing its total number of hospitals to 49. The deal will increase its national bed capacity to around 12,000. The expansion supports Manipal’s ongoing strategy to grow its presence in western India and strengthen its position as one of the country’s largest hospital networks.
Manipal Health Enterprises MD and CEO Dilip Jose noted that the acquisition aligns with the company’s plan to expand reach while continuing to deliver healthcare services across new geographies. Manipal Education and Medical Group (MEMG) Chairman Ranjan Pai added that the move will reinforce the group’s footprint in western India.
Manipal Hospitals is backed by Singapore-based global investment firm Temasek, which reported a portfolio value of approximately USD 324 billion as of March 2025. The addition of Sahyadri’s infrastructure and capacity is seen as a step toward building scale across diverse regional healthcare markets in India.
