Novo Holdings Acquires 49% Stake in Surya Hospitals

The deal comes amid sustained merger and acquisition activity in the Indian hospitals market, where transactions worth over ₹10,000 crore were recorded last year, according to industry observers.

Novo Holdings, the investment firm that controls Danish drugmaker Novo Nordisk, has acquired a 49% stake in Maharashtra-based Surya Hospitals at an estimated valuation of INR 1,000–1,200 crore, according to people familiar with the transaction. 

The development was disclosed through a press release issued on Tuesday, though financial terms were not officially detailed.

The investment underscores Novo Holdings’ growing focus on India’s hospital sector, particularly specialised healthcare delivery. The deal comes amid sustained merger and acquisition activity in the Indian hospitals market, where transactions worth over ₹10,000 crore were recorded last year, according to industry observers.

Surya Hospitals operates a network of paediatric and women’s healthcare facilities, with hospitals located in Mumbai, Pune, and Jaipur. The chain was founded by medical practitioner Bhupendra Avasthi and has built its presence around maternal and child healthcare services.

Amit Kakar, managing partner and head of Asia at Novo Holdings, said specialised healthcare delivery remains a priority for the firm in India, particularly in areas requiring high clinical quality and outcome-focused care. He noted that Surya Hospitals has developed a strong reputation in women’s and children’s healthcare over several decades.

The stake was reportedly acquired from SCP Investments, which is run by former KKR India private equity head Heramb Hajarnavis. The Economic Times had earlier reported, in September 2025, that Novo Holdings was in exclusive discussions to acquire a significant stake in Surya Hospitals.

Navjeewan Khosla, partner at Novo Holdings Asia, pointed to broader structural trends such as urbanisation and rising maternal age as factors reshaping healthcare delivery in India. He said platforms with focused care models and deep clinical expertise are positioned to address evolving demand at scale.

JM Financial acted as the transaction advisor, while Trilegal served as legal counsel to Novo Holdings. Bhupendra Avasthi, chairman and managing director of Surya Hospitals, said the partnership is expected to support the hospital chain’s growth plans while maintaining its focus on clinical standards in women’s and children’s care.

The transaction follows a series of high-value deals in India’s hospital sector. In recent months, Manipal Hospitals acquired Sahyadri Hospitals for ₹6,400 crore, while KKR took a controlling stake in Kerala-based Baby Memorial Hospital for ₹2,000 crore. Blackstone also merged its Quality Care platform with Aster DM Healthcare in late 2024, highlighting sustained investor interest in the sector.

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