Mumbai, India: Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced that it has reached an agreement to sell its majority stake in Sahyadri Hospitals Group (Sahyadri) to Manipal Hospitals. Manipal Hospitals is one of the top healthcare providers in India serving over 7 million patients annually, with a focus on providing affordable, high-quality healthcare services. Manipal Hospitals is backed by Temasek, a global investment company headquartered in Singapore with net portfolio value of US$324b as on Mar 31, 2025.

Ontario Teachers’ acquired a majority stake in Sahyadri in 2022 and, since then, has supported its growth into one of India’s leading regional healthcare platforms. Today, Sahyadri is one of Maharashtra’s largest hospital chains, with 11 hospitals and over 1,400 beds, delivering best-in-class healthcare to millions across the region.

The investment was made by Ontario Teachers’ Private Capital team, in partnership with management and led by Abrarali Dalal. Sahyadri has undergone a significant transformation over the past three years, growing both organically and through strategic mergers and acquisitions. Ontario Teachers’ has supported the business in building clinical leadership and attracting medical talent in key specialties, while making sustained capital investments into infrastructure, medical equipment, specialty programs and institutional governance. The platform has also expanded its reach in smaller cities of Maharashtra, enabling the delivery of high-quality quaternary care across Maharashtra and neighboring areas.

Deepak Dara, Senior Managing Director and Head of India, Ontario Teachers’, said, “Healthcare is a key investment theme for us globally and in India. Drawing on our global experience and playbook of investing in healthcare services, we saw the potential to build on Sahyadri’s strong brand to create a regional healthcare leader. Our partnership with Sahyadri over the past 3 years underscores our belief in India’s growing healthcare needs and our commitment to empowering local champions in delivering high-quality, accessible care. We wish the Sahyadri team continued success as they transition into their next phase.”

Abrarali Dalal, Managing Director and CEO of Sahyadri Hospitals said, “When Ontario Teachers’ invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region. Backed by strong shareholder support, we’ve been able to invest over INR  900 crores since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We’ve enjoyed a great partnership with the Ontario Teachers’ team and are optimistic about the platform’s continued positive impact on healthcare delivery.”

Mohit Khullar, Managing Director and Leader - Corporate Finance, Alvarez and Marsal India, said, “The acquisition of Sahyadri Hospitals by Manipal Hospitals marks a landmark deal in the Indian healthcare sector and is the largest healthcare deal of the year so far. The combination of Sahyadri’s deep-rooted leadership in the Maharashtra market and Manipal’s legacy as a trusted national institution brings together two credible platforms, well-positioned to drive clinical excellence across Western India."

The transaction is subject to regulatory approvals.

Ontario Teachers’ was supported by a team of advisors including Jefferies and Alvarez & Marsal (financial), Latham & Watkins and Trilegal (legal), and EY (accounting, tax and commercial).

About Ontario Teachers’

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $266.3 billion as at December 31, 2024. Ontario Teachers' is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

About Sahyadri Hospitals

Sahyadri Hospitals is one of the largest chain of hospitals in Maharashtra, with 11 hospitals across four cities of Pune, Nashik, Ahilyanagar and Karad. The hospital chain has over 1,400 Beds, ~2,500 Clinicians and 3,500 Supporting Staff providing round the clock healthcare. With a strong commitment to accessible and quality healthcare, Sahyadri Hospitals has positively impacted the lives of over 7.5 million patients, both in Maharashtra and internationally. To know more: http://sahyadrihospital.com/