BackTPG acquires minority stake in Manipal Health Enterprises
MHEPL did not disclose the size of the stake acquired by the investment firm
Premium(Manipal Health owns and operates 10 multi-specialty hospitals in Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu and Goa.)
Mumbai: Manipal Health Enterprises Pvt Ltd (MHEPL) on Thursday said global private investment firm TPG Capital had purchased a significant minority stake in the company for ₹ 900 crore.
Manipal Health Enterprises, part of the Manipal Education and Medical Group, did not disclose the size of the stake acquired by the investment firm.
It owns and operates 10 multi-specialty hospitals in Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu and Goa and manages five teaching hospitals in Karnataka and Sikkim, as well as several fertility clinics across the country.
Outside India, it indirectly owns and operates a hospital in Malaysia and manages a clinic in Nigeria.
“This is a significant foreign investment into the Indian healthcare industry, which is worth over $80 billion. This investment allows MHEPL to access TPG’s operational know-how and international experience while strengthening our financial position," said Ranjan Pai, chief executive at Manipal Group.
“In MHEPL, we have identified a business with extensive global experience and expertise in healthcare, a sector supported by robust growth drivers and with a critical role to play for social advancement in India," said Puneet Bhatia, partner and TPG Capital’s head of India.
Last year, the pharma, healthcare and biotech sector saw 50 private equity investments worth $632 million, down from 70 deals worth almost $1.37 billion in 2013, according to Grant Thornton India Llp, an advisory firm.
So far in 2015, the sector has seen five private equity investments worth almost $330 million.
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