US-based private equity firm TPG Capital Management on Thursday said it would buy stake in the city-based private hospital group Manipal Health Enterprises Ltd. (MHEPL) for around $145.86 million (Rs. 900 crore). According to a release from Manipal, TPG will take a significant minority stake in the company.
Manipal Health, part of the ‘Manipal Group’, owns and operates 10 multi-specialty hospitals in Western and Southern parts of the country. It also manages five teaching hospitals in Karnataka and Sikkim, as well as several fertility clinics across the country.
Commenting on the development Dr. Ranjan Pai, CEO and MD of the Manipal Group said: “Given its deep understanding of the healthcare sector and reputation as a supportive and value creating partner, I am delighted that TPG has decided to invest in MHEPL. This is a significant foreign investment, which is worth over US$80 billion.”
