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Time of India
5 days ago
- Business
- Time of India
Non-disclosure of Sahyadri-Manipal deal sparks probe
Pune: The Manipal Group's acquisition of a majority stake in the Sahyadri Group of Hospitals continues to raise eyebrows. The joint charity commissioner of Pune division has initiated an inquiry against Sahyadri for non-disclosure of the deal. This comes shortly after the Pune Municipal Corporation sent two notices seeking an explanation from the hospital on the effect the deal might have on land ownership and health schemes coverage. Joint charity commissioner Rajni Kshirsagar said, 'Sahyadri hospital has not given us any information about the recent transaction. Based on the news reported in the media, we have started an investigation through an inspector two days ago. Further action will be taken after the investigation report comes.' TOI reached out to Sahyadri for comment and a response was awaited till going to press. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune The transaction between Sahyadri and Manipal covers all 11 hospitals run by the former, but only one, the Deccan Road branch, is a charitable trust and covered under the Bombay Public Trusts Act, 1950. Being a charitable hospital, it is entitled to multiple benefits under taxation. The management was bound to inform the joint charity commissioner's officer regarding any change in ownership or management of the hospital, which Kshirsagar said Sahyadri failed to do. Furthermore, a letter was sent by advocate Sushrut Kamble to the officer of joint charity commissioner, alleging multiple violations of rules in these transactions. In 1998, PMC leased a 23,000 sqft plot in Deccan to Konkan Mitra Mandal Medical Trust for a nominal fee of Re 1 per year, for 99 years, to provide affordable healthcare to the needy. The trust later built Sahyadri hospital on the plot. After news of the transaction came out, PMC's estate department and the health department issued a show cause notice, asking the hospital management for clarification on any changes in the ownership of the leased land and healthcare under various schemes. In a statement, Amitkumar Khatu, Sahyadri's chief legal and compliance officer, said the transfer of shares to Manipal Group will not affect patient service, management, or the organisation's values. Hospital's legal team meets civic chief Earlier in the day, the Sahyadri Group of Hospitals' legal team met with municipal Commissioner Naval Kishore Ram, as well as officials from PMC's health and estate departments. An official who attended the meeting, on the condition of anonymity, said, 'There was a meeting between PMC officials and the Sahyadri management. The issues raised by various media reports pertaining to the recent transaction were discussed. The legal head of the hospital gave verbal clarification that they will soon submit documents pertaining to questions raised about the transaction and other legal matters.' Pune Municipal Corporation had raised questions about the proposed deal and whether or not it would affect the current health services provided by the hospital for patients covered under various govt-run health insurance schemes. The civic body also raised questions about changes, if any, pertaining to the land ownership following the deal.
Yahoo
11-07-2025
- Business
- Yahoo
Manipal Hospitals to acquire majority stake in Sahyadri Hospitals
India-based healthcare provider Manipal Hospitals has entered an agreement to purchase a majority stake in hospital chain Sahyadri Hospitals Group, with a deal valued at more than Rs60bn ($700m). This acquisition marks an expansion for Manipal Hospitals, which annually serves more than seven million patients across India. Manipal Education and Medical Group chairman Ranjan Pai said: 'This acquisition will strengthen our presence in western India, enabling us to extend world-class healthcare to more patients.' Manipal Hospitals is supported by Singapore-based investment company Temasek and TPG Capital. Last month, it was reported that Manipal Health Enterprises and Fortis Healthcare were in talks with international financial institutions to secure financing to support their acquisition of Sahyadri Hospitals. Ontario Teachers' Pension Plan Board (Ontario Teachers'), which holds a 98.9% stake in Sahyadri, acquired the hospital chain in 2022. The company has overseen the hospital chain's growth through strategic initiatives. Sahyadri now operates 11 hospitals with more than 1,400 beds in the Indian state of Maharashtra. Sahyadri Hospitals managing director and CEO Abrarali Dalal said: 'When Ontario Teachers' invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region. 'Backed by strong shareholder support, we've been able to invest over Rs9bn since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We've enjoyed a great partnership with the Ontario Teachers' team and are optimistic about the platform's continued positive impact on healthcare delivery.' Ontario Teachers' private capital managing director Rahul Mukim said: 'Our partnership with Sahyadri over the past three years has been focused on unlocking long-term value – investing behind key specialities and medical technology, expanding reach across the state and building institutional processes to strengthen the platform." The completion of this transaction is contingent upon regulatory approvals. Ontario Teachers' has engaged a team of advisers, including Jefferies and Alvarez & Marsal for financial advice, Latham & Watkins and Trilegal for legal counsel, and EY for accounting, tax, and commercial expertise. "Manipal Hospitals to acquire majority stake in Sahyadri Hospitals" was originally created and published by Hospital Management, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Indian Express
10-07-2025
- Business
- Indian Express
Ontario Teachers' sells its stake in Sahyadri Hospitals Group to Manipal Hospitals
Ontario Teachers' Pension Plan Board (Ontario Teachers') on Wednesday announced that it has reached an agreement to sell its majority stake in Sahyadri Hospitals Group (Sahyadri) to Manipal Hospitals, which is one of the top healthcare providers in India serving over 7 million patients annually. Manipal Hospitals is backed by Temasek, a global investment company headquartered in Singapore with a net portfolio value of $324 billion as on March 31, 2025. Ontario Teachers' acquired a majority stake in Sahyadri in 2022 and, since then, has supported its growth into one of India's leading regional healthcare platforms. Sahyadri is one of Maharashtra's largest hospital chains, with 11 hospitals and over 1,400 beds. An official statement issued on Wednesday said the investment was made by Ontario Teachers' Private Capital team, in partnership with the management led by Managing Director and CEO of Sahyadri Hospitals Abrarali Dalal. Sahyadri has undergone a significant transformation over the past three years, growing both organically and through strategic mergers and acquisitions. Ontario Teachers' has supported the business in building clinical leadership and attracting medical talent in key specialties while making sustained capital investments into infrastructure, medical equipment, specialty programmes and institutional governance. The platform has also expanded its reach in smaller cities of Maharashtra, enabling the delivery of high-quality quaternary care across Maharashtra and neighbouring areas. Deepak Dara, senior managing director and head of India, Ontario Teachers', in a statement, said, 'Healthcare is a key investment theme for us globally and in India. 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. Our partnership with Sahyadri over the past three years underscores our belief in India's growing healthcare needs and our commitment to empowering local champions in delivering high-quality, accessible care. We wish the Sahyadri team continued success as they transition into their next phase.' 'When Ontario Teachers' invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region. Backed by strong shareholder support, we have been able to invest over Rs 900 crores since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We have enjoyed a great partnership with the Ontario Teachers' team and are optimistic about the platform's continued positive impact on healthcare delivery,' said Dalal.
Economic Times
09-07-2025
- Business
- Economic Times
Ontario Teachers' announces major India healthcare deal, to sell Sahyadri Hospitals to Manipal Hospitals
Ontario Teachers' Pension Plan Board is set to sell its majority stake in Sahyadri Hospitals Group to Manipal Hospitals, pending regulatory approvals. Since acquiring Sahyadri in 2022, Ontario Teachers' has overseen its growth into a leading Maharashtra healthcare provider with 11 hospitals and over 1,400 beds. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Ontario Teachers ' Pension Plan Board (Ontario Teachers') announced on July 9 its decision to sell its majority stake in Sahyadri Hospitals Group to Manipal Hospitals The exact financial details of the deal have not been made public yet. As per reports, the deal is valued at Rs 6,400 Teachers' acquired a majority stake in Sahyadri Hospitals in 2022. Since then, Sahyadri has come a long way, transforming into a big name in Maharashtra healthcare is now one of the largest hospital chains in the state, having 11 hospitals and a capacity of over 1,400 beds. The investment has facilitated substantial growth through strategic mergers and acquisitions, making Sahyadri a significant name in Ontario Teachers' stewardship, the hospital group has developed clinical leadership and attracted top medical talent across various specialties, a press release capital investments have been made to upgrade infrastructure, medical equipment, and specialty programmes, thereby improving patient care and expanding services in smaller cities throughout Maharashtra, the statement sale of Sahyadri to Manipal Hospitals is currently pending regulatory Manipal was the leader in the race for Sahyadri Hospitals with a Rs 6,838 crore ($800 million) bid, ET had reported in late June. It was trailed closely by Healthcare-backed Fortis Healthcare and EQT Partners also submitted bids on June 23, which was the last day to submit binding financial Teachers' was supported in this transaction by a team of advisors, including Jefferies and Alvarez & Marsal for financial guidance, alongside legal counsel from Latham & Watkins and EY provided expertise in accounting, tax, and commercial matters, ensuring a smooth transition process.
Economic Times
09-07-2025
- Business
- Economic Times
Manipal Health buys Sahyadri Hospitals for Rs 6,400 crore
Synopsis Manipal Health Enterprises, backed by Temasek and TPG Capital, has acquired Sahyadri Hospitals from Ontario Teachers Pension Plan for ₹6,400 crore, strengthening its presence in Western India. This acquisition will increase Manipal's bed count to 12,000 nationwide. OTPP made a 2.6 times return on its investment in Sahyadri, which operates 11 facilities across Maharashtra. Manipal Health Manipal Health Enterprises, India's 2nd largest hospital chain, has bought Sahyadri Hospitals from Canada's Ontario Teachers Pension Plan (OTPP), as per an official release from both sides that did not divulge financial had first reported on 30 June that Bengaluru-headquartered Manipal was leading the race to acquire the Maharashtra-focused Sahyadri deal was executed at a price of Rs. 6400 crore (around $750 million), slightly lower than the figure of Rs 6,833 crore ($800 million) that ET had reported, according to sources. IPO-bound Manipal Health, which is backed by Temasek and TPG Capital, outbid three other players including rivals Fortis and Aster DM Healthcare and Swedish private equity firm EQT, according to information ET had published earlier. "This acquisition will strenghten our presence in Western India , enabling us to extend world class healthcare to more patients," said Ranjan Pai, Chairman, Manipal Education and Medical Group. Manipal will have 12,000 beds nationwide post this acquisition. In June 2025, KKR invested $600 million in debt into the Manipal Group to support its accelerated expansion and corporate growth plans."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 acquired Sahyadri from Everstone Capital in August 2022 at a valuation of around Rs 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 Rs 1,000 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 Alvarez & Marsal, EY and Trilegal were advisers to OTPP. Barclays and Allegro Capital, Deloitte and Cyril Amarchand Mangaldas advised the current sale price OTPP has made a 2.6 times return on its three year old investment. 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 deal value translates in to a valuation multiple of 31 times Sahyadri Hospitals' financial year 2024-25 operating profits of Rs. 210 crore. The nations largest hospital Apollo which is listed is valued at 36 times its financial year 2024-25 operating 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 is estimated to have posted Rs 210 crore in earnings before interest, tax, depreciation and amortisation on revenue of Rs 1,200 crore in FY25, said a fund manager at one of the bidding private equity Hospitals, the second-largest hospital chain in India, has been on an aggressive acquisition spree. In 2023, it acquired an 84% stake in Kolkata-based AMRI Hospitals in a deal valued at Rs 2,400 crore. Two years earlier, it bought Columbia Asia's Indian operations for Rs 2,100 crore. Key highlights Manipal Health is India's 2nd largest hospital operator. Apollo Hospitals is the largest hospital chain Sahyadri Hospitals has 11 hospitals in Maharashtra ET had first reported that Manipal was leading the race to acquire Sahyadri Hospitals on 30 June Ontario Teachers Pension Plan (OTPP) had purchased Sahyadri Hospitals in August 2022 for Rs. 2,500 crore OTPP has made 2.6x return by selling its three year-old investment
