Mumbai: Singapore-based sovereign wealth fund Temasek said on Monday that it is acquiring an additional 41% stake in India’s Manipal Health Enterprises from investors including TPG, boosting its stake in one of the country’s largest hospital chains to 59%.
While Manipal did not specify the deal value, Temasek has paid about $2 billion for the additional stake, said a person with direct knowledge of the matter. Manipal did not immediately respond to a query seeking comment.
Private equity firm TPG, an investor in Manipal since 2015, will fully exit its stake, though it will reinvest via a new fund.
India’s sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), will also sell its full stake to Temasek, while Manipal founder Ranjan Pai’s family holding will reduce from about 50% to 30%.
Manipal currently serves over 5 million patients a year through its 29 hospitals in 16 cities with 4,000 doctors, according to a statement issued jointly by the investors.
“By re-investing through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal’s mission of bridging the quality healthcare infrastructure gap in the country,” said Puneet Bhatia, co-managing partner of TPG Capital Asia.
(Reporting by M. Sriram in Mumbai and Kane Wu in Hong Kong; Editing by Savio D’Souza)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
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