PE: Temasek buys 59% controlling stake in Manipal Health Enterprises


  • Sheares Healthcare, a unit of Singapore’s Temasek, has agreed to buy a controlling stake in Manipal Health Enterprises, raising its ownership from 18% to close to 59% for about Rs. 16,400 Crores.
  • The National Investment and Infrastructure Fund (NIIF) will sell its entire 8% stake, they said, while Sheares Healthcare will acquire the remaining stake from the holding entity backed by Ranjan Pai.


About Manipal Health Enterprises:

  • Established in 1991, the first branch of Manipal Hospitals was started in Bangalore. The branch is a 600-bed quaternary care facility and houses over 60 specialties.
  • Manipal currently has 8,300 beds in 29 hospitals spread in 16 cities, making them the second largest hospital chain in India.

About Temasek:

  • Founded in 1974, Temasek is a global investment company headquartered in Singapore, has portfolio value as at 31st March 2022 of 403 billion USD.
  • Temasek’s recent investments include HealthKart for over Rs 1,100 Crores, Molbio Diagnostics for over Rs 690 Crore, DeHaat for Rs 486 Crores, Country Delight for Rs 185 Crore, Eye care chain Dr Agarwal’s for Rs 1,050 Crores.



  • The additional 41% stake is brought by Temasek at Rs 16,400 Crores, valuing the hospital at Rs 40,000 Crores, this is the largest health sector deal in India.


Previous stake

New stake




Pai Family



TPG Capital and other stakeholders



  • Manipal has been expanding across India, In March 2023, Manipal acquired the Kolkata-based AMRI Hospitals, in a deal worth Rs. 2400 Crores (subject to approval from the West Bengal government), In June 2021, Vikram Hospital for around Rs 350 Crores, and In 2020, it acquired Colombia Asia for Rs 2,100 Crores.
  • Chairman of Manipal Hospital Dr. Pai commented that the valuation of the hospital is reflective of long term potential of the healthcare service segment of India.
  • Pai further commented that consolidation will continue in healthcare space and lot more PE Funds will continue to invest large checks in this area.


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