Singapore based sovereign wealth fund Temasek said it has reduced its stake by 8% in Manipal Health Enterprises, after a year it took control of India’s second largest hospital chain, sources told ET.
Temasek will continue to hold a majority stake in Manipal Health Enterprises, it has onboarded new investors such as UAE sovereign wealth fund Mubadala, Denmark-based Novo Holdings and California pension fund CalPERS.
Temasek in April last year bought an additional 41% stake in Manipal Health Enterprises from investors including promoter group, Dr Ranjan Pai & family, and TPG, boosting its stake to 59% in deal valued over $2 billion for the additional stake,
The Bengaluru-based hospital chain has a pan-India presence, serves around 6 million patients a year through more than 30 hospitals across the country.
“Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal’s growth journey in the years ahead,” said Camilla Macapili Languille, head of Life Sciences at Mubadala.
“The demand for affordable and accessible private healthcare services in India is increasing rapidly, and Manipal stands at the forefront to address patient needs through its consistent growth and ability to provide high-quality patient services at affordable prices,” said Dr. Amit Kakar, managing partner and head of Novo Holdings Asia Investments, said
“It has a history of several successful mergers and acquisitions, which is enabling patient care closer to home,” Kakar added.
Source: Economic Times