Temasek an investment company, Headquartered in Singapore, has signed agreements to acquire an additional 41% stake in Manipal Health Enterprises(MHE), Manipal Hospitals is among the top healthcare providers in India. Following the closing of the transaction, Manipal Group will hold about 30% of MHE. Sheares Healthcare Group, a wholly-owned subsidiary and independently-managed portfolio company of Temasek, will retain its existing 18% stake. Leading global alternative asset management firm TPG, which first invested in MHE through TPG Asia VI in 2015, will fully exit, but it will hold an interest of 11% in MHE, through its new Asia fund – TPG Asia VIII. National Investment & Infrastructure Fund (NIIF) will exit its holding from MHE.
Dr Ranjan Pai, Chairman of Manipal Group, said, “Investing in healthcare requires a long-term outlook as well as a sensitivity to social responsibility.”
Puneet Bhatia, Co-Managing Partner of TPG Capital Asia, said, ” By re-investing through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal’s mission of bridging the quality healthcare infrastructure gap in the country.” Leveraging its pan-Asia presence and platform-building strategy, TPG Capital Asia has developed a strong track record in the healthcare sector. Its growing healthcare portfolio includes Sai Life Sciences, Pathology Asia, Columbia Asia, iNova, Novotech, Kangji and Dingdang Health.
Padmanabh Sinha, Executive Director and Chief Investment Officer, Private Equity of National Investment and Infrastructure Fund said, “NIIF, through its Strategic Opportunities Fund (SOF), is pleased to have played an important role during the growth journey of Manipal Hospitals. Our investment in Manipal is a good example of SOF’s strategy to invest in high-growth businesses which can become market leaders in India.”