Temasek buys 41% more stake in Manipal Health for Rs 16,300 cr

PTI

New Delhi, April 10

Singapore’s sovereign wealth fund Temasek will buy an additional 41% stake in Manipal Health Enterprises for over Rs 16,300 crore ($2 billion), taking its total shareholding to 59% in one of the country’s largest hospital chains.

Largest deal in healthcare sector

• The buyout marks the total shareholding of Temasek to 59% in one of the country’s largest hospital chains
• The acquisition of the stake, announced on Monday, is the largest deal in the Indian healthcare sector

The acquisition of the stake, announced on Monday, is the largest deal in the Indian healthcare sector.

Headquartered in Bengaluru, Manipal Health Enterprises (MHE) runs a chain of 29 hospitals under the brand name ‘Manipal Hospitals’ in 16 cities, with close to 8,300 beds.

Temasek will buy the additional stake from Manipal founder Ranjan Pai’s family, TPG and the National Investment and Infrastructure Fund (NIIF). However, financial details were not disclosed in the announcement made on Monday.

Sources said Temasek’s buyout of the additional stake will be for more than Rs 16,300 crore valuing MHE at around Rs 40,000 crore, making it the largest deal in the Indian healthcare sector.