BENGALURU (TIP): Global private equity major TPG Capital Management is buying a ‘significant minority stake’ in Bengaluru-based hospital operator Manipal Health Enterprises (MHEPL) for $146 million, or a little over Rs 900 crore, the companies said in a joint statement.
The deal was first reported by TOI in its July 22 edition last year. Puneet Bhatia, partner and TPG Capital’s head of India, said, “In MHEPL, we have identified a business with extensive global experience and expertise in healthcare, a sector supported by robust growth drivers and with a critical role to play for social advancement in India.”
Part of billionaire Ranjan Pai’s Manipal Education and Medical Group, Manipal Health owns and operates over 5,200 beds across 16 hospitals in India and one hospital in Klang, Malaysia. Counted among the top three hospital chains in the country, Manipal Health provides treatment to over 2 million patients annually.
“This investment allows MHEPL to access TPG’s operational know-how and international experience while strengthening our financial position,” said Pai, CEO and MD of the Manipal Group.