Ontario Teachers to sell majority stake in Pune’s Sahyadri Hospitals to Manipal

Ontario Teachers’ Pension Plan Board has reached a deal to sell its majority stake in Pune-based Sahyadri Hospitals Group to Manipal Hospitals, the Canadian fund said in a statement on Wednesday.

The transaction, subject to regulatory approvals, will bring one of Maharashtra’s largest hospital chains into the fold of Manipal Hospitals, one of India’s leading healthcare networks that serves more than seven million patients annually.

The company’s statement released late on Wednesday didn’t disclose the financial details, but Manipal has agreed to pay up to $760 million for the stake, Mint reported, citing people with knowledge of the development.

Manipal is backed by Singapore’s Temasek, which reported a portfolio value of $324 billion as of March 2025.

Ontario Teachers’ acquired its stake in Sahyadri in 2022 through its Private Capital team and supported the group’s expansion into a prominent regional healthcare platform over the past three years.

Sahyadri today operates 11 hospitals across Pune, Nashik, Ahilyanagar, and Karad, with more than 1,400 beds, around 2,500 clinicians, and 3,500 support staff.

During Ontario Teachers’ tenure, the group invested more than ₹900 crore to upgrade infrastructure, medical technology, specialty programs, and governance, while extending high-quality care to smaller cities.

Deepak Dara, senior managing director and head of India at Ontario Teachers’, said the partnership showed the fund’s confidence in India’s growing healthcare needs and its strategy of enabling regional champions.

Rahul Mukim, managing director at Private Capital, said Ontario Teachers’ helped unlock long-term value by strengthening specialties, expanding reach, and building institutional processes.

Abrarali Dalal, managing director and CEO of Sahyadri Hospitals, credited Ontario Teachers’ support for transforming Sahyadri into a “formidable regional player” and said he was optimistic about the group’s next chapter under Manipal.

Ontario Teachers was advised on the deal by Jefferies and Alvarez & Marsal as financial advisers, Latham & Watkins and Trilegal as legal advisers, and EY for accounting, tax, and commercial matters.