Singapore government-owned fund Temasek Holdings has acquired India's leading hospital chain Manipal Hospitals by owning about 59% stake, said a report on Friday. Temasek-owned Sheares Health, which held 18% stake in Manipal, has acquired an additional 41% stake from the promoters and existing investors, reported Economic Times. Temasek pipped KKR for this deal, the report added.
With this deal, the valuation of the hospital chain has reportedly surged to Rs 29,000 crore.
After the deal, existing promoter Ranjan Pai and family's stake will be lowered to 30% while existing investor TPG's stake is reduced to 11%, the report said.
Bengaluru-based Manipal Health Enterprises, the parent of Manipal Hospitals, has been expanding its footprint across the country through multiple buyouts.
Recently, Manipal Health Enterprises has acquired Kolkata-based AMRI (Advanced Medical Research Institute) Hospitals in a deal worth Rs 2,400 crore, a report said.