Manipal Health Systems Private Limited has raised Rs 900 million of equity from IDFC Private Equity Fund II, a fund managed by IDFC Private Equity. MHS currently manages 3 tertiary care hospitals, 8 secondary care hospitals and 9 primary care centres in south India, including Manipal Hospital at Manipal. The company intends to leverage its experience and expertise to develop a strong presence across the country through both organic and inorganic growth. SSKI Corporate Finance assisted with the transaction.
MHS is promoted by the Manipal Education and Medical Group (MEMG), one of India's leading providers of medical and education services. The Manipal Group has over 50 years of experience in the area of healthcare and education and has built an extensive network of healthcare and educational institutions.
The group's flagship hospital, the Manipal Hospital in Bangalore, offers personalized treatment in over 43 specialties and is a landmark destination for quality healthcare. The 605-bed hospital also has international accreditation for all comprehensive protocols. It is also India's first tertiary care hospital that is ISO certified for all areas including clinical protocols and diagnostic nursing care and allied services. The Hospital is also the only hospital in India to have won the Golden Peacock National Quality Award for 2005. Some of the other healthcare facilities of the company include Manipal Northside Hospital and Manipal Specialty Hospital in Bangalore and hospitals in Tumkur and Kasargod, together with a clinic in Jayanagar, Bangalore.
IDFC Private Equity is the largest private equity investor in India focussed on the infrastructure sector. It recently raised its second fund, IDFC Private Equity Fund II and this investment in Manipal Health Systems is the first investment from this fund.
Dr. Ranjan Pai, director, Manipal Health Systems, said, "With the largest infrastructure private equity investor in India as our partner would help us to expand our network."
R Basil, CEO, Manipal Health Systems, added, "The investment by IDFC Private Equity would allow us to expand beyond the south and look at setting up facilities in centres like Delhi and Mumbai."
Luis Miranda, president & CEO, IDFC Private Equity remarked, "We have looked at the healthcare industry for the past few years and our investment in MEMG would help to build and operate the best infrastructure facilities that are appropriate for India.