Race Heats Up for Sahyadri Hospitals; Bids Likely After June 23

The bids are expected after the third week of June, per three individuals familiar with the matter.

EQT, Blackstone, TPG-backed Quality Care, IHH Healthcare, and Temasek–Dr Ranjan Pai-led Manipal Hospitals will likely submit binding bids for Sahyadri Hospitals.

The bids are expected after the third week of June, per three individuals familiar with the matter.

The due diligence is currently ongoing, and final bids are due by June 23.

Ontario Teachers' Pension Plan (OTPP), which acquired a significant majority stake in Sahyadri Hospitals from the Everstone Group in August 2022, is looking to exit with a targeted valuation between ₹5,500 crore and ₹6,000 crore.

Sahyadri Hospitals is Maharashtra's largest private multi-speciality hospital chain with over 1,200 beds across Pune, Ahmednagar (now Ahilyanagar), and Nashik. The group has expanded into oncology and mother and childcare since OTPP’s acquisition. Founded in 1994 by Dr Charudutt Apte, Sadanand Bapat, and Nitin Desai, the chain includes 11 hospitals and over 4,000 staff.

While OTPP, EQT, TPG, Blackstone, and IHH declined to comment, Temasek responded that it does not comment on behalf of its portfolio companies. An email query to Dr Ranjan Pai remained unanswered.

On January 23, Moneycontrol reported that OTPP had engaged Jefferies for the sale process and later brought in Alvarez & Marsal.

In September, Prem Kumar Nair, Group CEO of IHH Healthcare, said, "If we do some acquisitions along the way, we will add another 1,000 or 2,000 and that’s why I said between the two (Fortis + Gleneagles), we’ll probably have about 10,000 beds in a few years’ time."

He added, "We want to get the highest clinical quality facilities. Secondly, we put a lot of emphasis on patient outcomes. Thirdly of course, it must be accretive within 2-3 years."

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