Manipal Hospitals Seeks CCI Approval to Acquire Sahyadri Hospitals for INR 6,400 Cr

Both Manipal and Sahyadri Hospitals said the proposed transaction will not adversely impact market competition in India. 

Manipal Hospitals has approached the Competition Commission of India (CCI) seeking approval to acquire Pune-based Sahyadri Hospitals from Ontario Teachers' Pension Plan Board in a transaction estimated at INR 6,200–6,400 crore, according to a regulatory filing.

“The proposed transaction envisages the acquisition of up to 100 per cent shareholding by the acquirer (Manipal Hospitals Pvt Ltd) in the target (Sahyadri Hospitals Pvt Ltd) in multiple tranches,” the notice submitted to CCI stated.

Both Manipal and Sahyadri Hospitals said the proposed transaction will not adversely impact market competition in India. 

“The proposed transaction does not have any impact on any relevant market in India, let alone any appreciable adverse effect on competition (AAEC), and therefore, the definition of the relevant product and geographic market may ultimately be left open,” they said, adding that this was being submitted to aid the CCI's assessment.

Last month, Manipal Hospitals had announced signing definitive agreements with Ontario Teachers’ for the acquisition. The move is expected to significantly expand Manipal’s footprint across western India, particularly in Maharashtra.

According to the Bengaluru-based hospital chain, the deal will raise its total bed capacity to around 12,000, placing it among the largest hospital networks in India. The acquisition includes 11 hospitals across Pune, Nashik, Ahilya Nagar, and Karad, bringing Manipal’s total hospital count to 49.

“With the strong partnership of our valued stakeholders like Temasek and our other investors, we are excited to grow our operations and bring Manipal's trusted brand of quality healthcare to many more patients,” said Dilip Jose, Managing Director and CEO of Manipal Health Enterprises.

Chairman of Manipal Education and Medical Group (MEMG), Ranjan Pai, noted that the deal reinforces the group's position in the western region. “With this expansion, Manipal Hospitals will have a network of approximately 12,000 beds nationwide, solidifying our position as one of the largest hospital chains in India,” he said.

Ontario Teachers', a global investor with net assets of USD 266.3 billion as of December 31, 2024, had acquired a majority stake in Sahyadri Hospitals in 2022. Sahyadri currently operates 11 hospitals with over 1,400 beds, making it one of Maharashtra’s largest hospital networks.

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