Billion-Dollar Bidding Race Ignites for Sahyadri Hospitals

A blockbuster acquisition battle is underway for Sahyadri Hospitals,  Maharashtra's largest private hospital chain, with leading healthcare and investment titans putting in bids in a transaction that could be worth more than ₹5,000 crore.

Major Points:

Manipal Hospitals (supported by Temasek), Malaysia's IHH Healthcare, Swedish private equity giant EQT, US fund KKR, and Warburg Pincus are among the top contenders, with Blackstone and Torrent Group also showing interest.

Ontario Teachers' Pension Plan Board (OTPP) is handling the sale, having acquired Sahyadri for about ₹2,500 crore in 2022 and wanting now to double their investment.

Sahyadri Hospitals owns 11 properties in Pune, Nashik, Ahilya Nagar, and Karad and has over 1,200 beds, 2,500 clinicians, and 3,500 supporting staff, representing an asset desired by any buyer.

The chain is likely to clock ₹1,200 crore in topline and ₹210–240 crore in EBITDA in FY25, with valuations of 20–25 times EBITDA.

The May 1 deadline for bids was pushed back, an indication of stiff competition and keen interest.

The transaction represents another round of consolidation in India's healthcare sector after recent high-profile deals by Manipal, KKR, and Blackstone.

Sahyadri’s founders, including Dr. Charudutt Apte, remain actively involved, ensuring continuity and clinical excellence.

With the hospital sector booming and major players seeking to expand their footprint, the outcome of this bidding war could reshape the healthcare landscape in western India.

Source: The Economic Times, Moneycontrol, Outlook Business