Manipal, Fortis in Talks to Raise INR 5,000 Cr for Sahyadri Hospitals Bid

According to individuals familiar with the matter, the two hospital chains are engaging with banks such as DBS Group Holdings, Deutsche Bank AG, Mizuho Bank, HSBC Holdings, and Barclays.

As the June 22 bidding deadline for Sahyadri Hospitals approaches, Manipal Health Enterprises and Fortis Healthcare are in advanced talks with global lenders to raise between INR 3,000 crore and INR 5,000 crore to fund their bids. According to individuals familiar with the matter, the two hospital chains are engaging with banks such as DBS Group Holdings, Deutsche Bank AG, Mizuho Bank, HSBC Holdings, and Barclays.

“Aster DM Healthcare, another potential bidder, is yet to firm up financing discussions,” said one of the people aware of the developments.

Spokespersons for Manipal, Fortis, DBS, HSBC, Barclays, DB, and Mizuho declined to comment.

OTPP to Exit Sahyadri Less Than 3 Years After Entry

Ontario Teachers' Pension Plan (OTPP), which holds a 98.9% stake in Sahyadri Hospitals, is selling the asset less than three years after acquiring it. OTPP had acquired Sahyadri from Everstone Capital at a INR 2,500 crore valuation, while Everstone had bought it from founder Dr Charudutt Apte in 2019 for INR 1,000 crore.

OTPP hired Jefferies earlier this year to manage the sale process. The Canadian pension fund has more than $3 billion invested in India and reported net assets of $266.3 billion as of December 31, 2024.

Founded in 1996 by neurosurgeon Dr Apte, Sahyadri operates 11 hospitals across Maharashtra—in Pune, Nashik, and Karad—with 1,300 operational beds. It has over 2,500 clinicians and 3,500 supporting staff and is empanelled under major government health schemes including Ayushman Bharat and CGHS.

The development is part of wider consolidation in India’s hospital sector. Last year, Quality Care India, backed by Blackstone and TPG, announced a merger with Aster DM to form India’s third-largest hospital chain with over 10,000 beds.

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