Indira IVF in Talks to Acquire Sabine Hospital in INR 1,300 Cr Deal

CX Partners acquired an approximately 54% stake in Sabine in 2024 at a valuation of $100 million, equivalent to around ₹835 crore at the time.

Indira IVF, India’s largest IVF hospital chain, is in discussions to acquire a majority stake in Kerala-based Sabine Hospital and Research Centre in a deal that could value the fertility and mother-and-child care chain at ₹1,200–1,300 crore, according to people familiar with the matter.

The EQT Partners-backed Indira IVF is likely to acquire a 70–75% stake in Sabine, including shares held by private equity firm CX Partners and the hospital chain’s founder. Investment bank O3 Capital is advising CX Partners on its exit plans, the people said.

CX Partners acquired about a 54% stake in Sabine in 2024 at a valuation of $100 million, or around ₹835 crore at the time.

Founded in 2010 by Dr. Sabine Sivadasan, Sabine Hospital provides in vitro fertilization (IVF), other fertility treatments, maternity services, newborn care and gynecological procedures. The chain operates two facilities in Kerala, with a combined capacity of 300 beds, including 60 neonatal intensive care unit (NICU) beds.

Sabine conducts more than 6,000 IVF cycles and 3,000 deliveries annually. It is expected to report revenue of ₹230–250 crore and earnings before interest, taxes, depreciation and amortization (EBITDA) of ₹70–80 crore in fiscal year 2027, according to the people cited in the report.

Indira IVF Expands Through Acquisitions

The proposed deal comes as Indira IVF expands its presence in India’s fertility treatment market ahead of a planned ₹3,500-crore initial public offering (IPO).

The company has made several acquisitions in recent years. In April 2026, it acquired Kolkata-based IVF and gynecology network Abha Surgy Healthcare. In September 2025, it acquired Creation Science IVF, which operates Srishti Hospital, to enter Puducherry. In June 2025, it acquired Banker IVF to expand its presence in Gujarat.

Competition in Kerala’s fertility market is also increasing. In March 2026, Nova IVF Fertility, India’s second-largest IVF chain, entered the state by acquiring a majority stake in Craft Fertility in a transaction valued at ₹370 crore. Nova plans to establish 10 centers across Kerala over the next three to five years.

Kerala’s fertility rate, estimated at around 1.35–1.7, has contributed to growing interest from national fertility chains seeking to expand their regional presence.

EQT acquired an approximately 60% majority stake in Indira IVF in 2023 for around ₹6,000 crore. Founded by Dr. Ajay Murdia in 1988, the company operates a nationwide network of 200 centers and has reported supporting more than 200,000 successful pregnancies.

CX Partners, EQT Partners and Sabine Hospital had not responded to requests for comment at the time of publication.

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