KKR provides $600 mn financing to Manipal Group to fuel its corporate expansion
The investment, arranged by KKR Capital Markets and anchored by KKR's private credit and insurance platform, will enable the Manipal Education and Medical Group (or the Manipal Group) to accelerate its corporate expansion and growth objectives by providing flexible, structured capital matched to its long-term strategic needs, the two entities said in a statement.
'KKR's longstanding India focus and flexible capital approach, as well as alignment with our long-term vision, present a strong fit for us,' Dr. Ranjan Pai, chairman of the Manipal Group, said in the statement.
'The Manipal Group has built a strong reputation over the decades as one of India's healthcare and education leaders, and we look forward to supporting and contributing to their continued success,' added Gaurav Trehan, co-head of KKR Asia Pacific and head of Asia Private Equity at KKR.
KKR is making this investment from its Asia Pacific Credit strategy and insurance platform. Since 2019, it has committed more than $8 billion across about 60 credit investments under the Asia Pacific Credit strategy platform, accounting for a total transaction volume of over $21 billion.
Additional details of the transaction were not disclosed.
KKR's Asia Pacific Credit platform seeks to provide bespoke solutions to high-quality companies, entrepreneurs, promoters, and sponsors, among other private credit strategies. These solutions harness the strength of KKR's private markets investment capabilities and expertise as one of the largest alternative credit managers globally.
'This transaction underscores the strength of our global credit platform and our ability to provide strategic, scaled capital solutions to leading businesses,' Diane Raposio, partner and head of Asia credit and markets at KKR, said.
'India is a priority market for our credit strategy, and we look to build on this momentum to be a partner of choice to more high-quality companies like Manipal on their growth ambitions,' Raposio added.
The Manipal Group is a leading conglomerate in India with various institutions and major businesses, including Manipal Health Enterprises, one of the country's top multispecialty hospital chains, across the healthcare, education, and health insurance sectors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
5 days ago
- Time of India
Manipal Health Buys Sahyadri Hospitals for Likely ₹6,400 cr
Manipal Health Enterprises, India's second-largest hospital chain, has acquired Sahyadri Hospitals from Canada's Ontario Teachers' Pension Plan (OTPP), according to a joint statement issued by both firms. While they did not officially reveal the financial terms, people privy to the development said the deal was closed at ₹6,400 crore, or around $750 million. ET had first reported on June 30 that Bengaluru-headquartered Manipal was leading the race to acquire the Maharashtra-focused Sahyadri Hospitals. The report had said the deal would be executed at ₹6,833 crore ($800 million). 'This acquisition will strengthen our presence in Western India, enabling us to extend world class healthcare to more patients,' said Ranjan Pai, chairman of Manipal Education and Medical Group. IPO-bound Manipal Health, which is backed by Temasek and TPG Capital, will have 12,000 beds nationwide post this acquisition. Sahyadri Hospitals operates 11 facilities across Pune, Nashik, Ahilya Nagar and Karad, comprising 1,300 beds, 2,500 clinicians and 3,500 support staff, according to information available on its website. Manipal outbid Fortis, Aster DM Healthcare and Swedish private equity firm EQT to win the race for Sahyadri, according to information ET had published earlier. Strong Brand | page 10 In June 2025, KKR invested $600 million in debt into the Manipal Group to support its accelerated expansion and corporate growth plans. Barclays and Allegro Capital, Deloitte and Cyril Amarchand Mangaldas advised Manipal while Jefferies, Alvarez & Marsal, EY and Trilegal were advisers to OTPP. At the sale price, OTPP has made a 2.6 times return on its three-year old investment. It had acquired Sahyadri from Everstone Capital in August 2022 at a valuation of around ₹2,500 crore, outbidding Max Healthcare. Everstone had bought the hospital chain three years earlier in 2019 from its founder, neurosurgeon Charudutt Apte , for about ₹1,000 crore. 'Drawing on our global experience and playbook of investing in healthcare services, we saw the potential to build on Sahyadri's strong brand to create a regional healthcare leader,' said Deepak Dara, senior managing director and head of India at OTPP. OTPP is a global investment manager with $178 billion in net assets. It administers retirement funds for more than 340,000 schoolteachers and administrative staff in the Canadian province of Ontario. The deal value translates into a valuation multiple of 31 times Sahyadri Hospitals' operating profits of ₹210 crore for 2024-25. The nation's largest hospital Apollo, which is listed, is valued at 36 times its 2024-25 operating profits. ET first reported on December 6 last year that OTPP was planning to put Sahyadri Hospitals on the block. ET subsequently reported in May that Manipal, IHH Healthcare-backed Fortis, EQT and Blackstone-backed Aster DM Healthcare were competing to buy Sahyadri Hospitals.
Time of India
5 days ago
- Time of India
Manipal acquires hospital chain Sahyadri in western India push
Bengaluru: IPO-bound Manipal Hospitals has announced to signed a definitive agreement to acquire Pune-based Sahyadri Hospitals majority stake from PE investor Ontario Teachers' Pension Plan (Ontario Teachers). The corporate chain latest acquisition will add 11 hospitals–across Pune, Nashik, Ahilya Nagar and Karad–to its network and will bring the total bed count to about 12,000 across 49 facilities. According to Manipal in line with its strategy to augment its pan-India footprint, the acquisition will help to expand its presence in western India and position it as one of India's largest hospital networks. While the hospital has not disclosed the deal value, multiple reports quoting industry sources have pegged it at over ₹6,400 crore. 'With the strong partnership of our valued stakeholders like Temasek and our other investors, we are excited to grow our operations and bring Manipal's trusted brand of quality healthcare to many more patients.' Dilip Jose, MD & CEO, Manipal Health Enterprises , added. 'This acquisition will strengthen our presence in western India and will solidify our position as one of the largest hospital chains in India,' said Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG).
The Hindu
6 days ago
- The Hindu
Manipal Hospitals to acquire Pune-based Sahyadri Hospitals for around ₹6,000 crore
Manipal Hospitals on Wednesday (July 9, 2025) evening said it signed definitive agreements to acquire Pune-based Sahyadri Hospitals from Ontario Teachers' Pension Plan (Ontario Teachers') for around ₹6,000 crore. Ontario Teachers' is a Canadian global investor with net assets of $194 billion as of December 31, 2024. The acquisition of Sahyadri Hospitals would add 11 more hospitals to Manipal's hospital network across Pune, Nashik, Ahilya Nagar and Karad, taking its total number of hospitals to 49. Sahyadri Hospitals buyout would also bring Manipal's total bed count to about 12,000, making it one of India's largest hospital networks, said the company. Dr. Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG) said, 'This acquisition will strengthen our presence in western India, enabling us to extend world-class healthcare to more patients. It is a proud moment for us to have grown over time from a single hospital in Bengaluru in 1991 into one of the largest hospital networks.'' 'At Manipal Hospitals, we are focused on maintaining a patient-centric ecosystem rooted in clinical excellence and transparency, serving a multitude of patients from all over the country, and beyond,''claimed Dilip Jose, MD & CEO, Manipal Health Enterprises. With the strong partnership of Manipal's valued stakeholders like Temasek and other investors, the group was excited to grow its operations and bring Manipal's trusted brand of quality healthcare to many more patients, he added. Manipal Hospitals was supported by a team of advisors, including Allegro Capital Advisors and Barclays (financial), Cyril Amarchand Mangaldas (legal), Alvarez & Marsal (accounting and commercial), and Deloitte (tax).
