Singapore-based sovereign wealth fund Temasek Holdings has acquired a majority stake in India’s second-largest hospital chain Manipal Health Enterprises after spending nearly $2 billion. As per media reports, the fund earlier used to hold an 18 per cent stake in the company through Sheares Healthcare and now it has bought an additional 41 per cent with Rs 16,400 crore. It bought the stake from Ranjan Pai and his family and other investors. The deal has valued Manipal Health Enterprises at $5 Billion.
According to a report by the Times of India (TOI), Ranjan Pai and his family’s stake will decrease to 30 per cent from 52 per cent after this deal. Existing investor TPG Group’s shareholding will also be dropped to 11 per cent from 22 per cent. National Investment and Infrastructure Fund (NIIFL) invested Rs 2,100 crore to acquire a nine per cent stake in Manipal Health Enterprises, two years ago. Sources stated that the body sold its entire shareholding in this deal.
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However, both enterprises declined to comment on this deal. "As a matter of policy, Temasek does not comment on market speculation,” a Temasek spokesperson told TOI. Manipal also did not comment.
Founded in 1991, Manipal Health Enterprises is the second-largest hospital chain in India after Apollo. It operates 29 hospitals in 15 cities, with 4,000 doctors and 8,000 beds. It has an employee bandwidth of more than 11,000. The hospital chain took over hospitals like Columbia Asia and Vikram Hospitals. A Traxcn report pointed out that the company bagged Rs 4,084 crore in revenue and Rs 541 crore in profit in the financial year (FY) 2022.
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