Mumbai: In a strategic exit from one of its key Indian healthcare investments, the Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced the sale of its majority stake in Sahyadri Hospitals Group to Manipal Hospitals, a leading national healthcare provider backed by global investor Temasek.
Ontario Teachers’ acquired the majority stake in Sahyadri Hospitals in 2022 through its Private Capital division, with the vision of building a high-performing regional healthcare leader in India.
Over the past three years, Sahyadri Hospitals has grown into one of Maharashtra’s largest hospital networks, with 11 hospitals, over 1,400 beds, and a robust footprint delivering high-quality medical care across urban and smaller cities.
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“Our investment in Sahyadri reflects our global and India-specific conviction in healthcare as a high-impact sector,” said Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’.
“This partnership enabled the transformation of a strong regional brand into a healthcare leader, committed to accessible and world-class care.”
With Ontario Teachers’ support, Sahyadri underwent rapid transformation – both organically and through strategic acquisitions – backed by over ₹900 crore in capital investment.
These funds strengthened infrastructure, expanded clinical specialties, upgraded medical technology, and improved institutional governance. Sahyadri also extended its presence in underserved regions, bringing quaternary care closer to Tier 2 and Tier 3 cities in Maharashtra.
“We worked closely with Sahyadri’s leadership to build scale and institutional depth,” added Rahul Mukim, Managing Director, Private Capital at Ontario Teachers’. “We are proud of the value created and confident that Manipal Hospitals will accelerate the platform’s next phase of growth.”
Sahyadri Hospitals: Regional Dominance to Strengthen Further
Manipal Hospitals, with a pan-India network serving over 7 million patients annually, is expected to further strengthen Sahyadri’s regional dominance.
Backed by Temasek, a global investment firm with a portfolio valued at US$324 billion (as of March 31, 2025), Manipal’s acquisition adds significant depth to its western India presence.
Abrarali Dalal, Managing Director and CEO of Sahyadri Hospitals, acknowledged the strong foundation built during the Ontario Teachers’ partnership:
“Our collaboration over the past three years was focused on delivering quality care at scale. With over ₹900 crore invested since 2022, we’ve reimagined Sahyadri’s capabilities and reach. We’re excited for this next chapter with Manipal Hospitals, and confident in our continued impact.”
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Advisors to the Transaction
Ontario Teachers’ was advised by a team of seasoned professionals, including:
- Jefferies and Alvarez & Marsal (Financial Advisors)
- Latham & Watkins and Trilegal (Legal Counsel)
- EY (Accounting, Tax, and Commercial Advisory)
The transaction is subject to customary regulatory approvals.
Ontario Teachers’, which manages over CAD $250 billion in global assets, continues to focus on high-impact, long-term investments across healthcare, infrastructure, and technology sectors in India and globally.
