Manipal Health Enterprises Private Limited has completed a transaction with TPG, a leading global private investment firm which has taken a significant minority stake for Rs. 900 crore. Terms of the transaction were not disclosed.

MHEPL and TPG have been jointly advised by Allegro Capital Advisors. TPG has also received financial advice from Kotak Mahindra Capital Company and legal advice from AZB & Partners and Cleary Gottlieb Steen & Hamilton LLP. Tatva Legal provided legal advice to MHEPL.

MHEPL is  part of the Manipal Education and Medical Group operates ten multi-specialty hospitals in the Indian states of Maharashtra,Karnataka, Andhra Pradesh, Tamil Nadu and Goa and also manages five teaching hospitals in Karnataka and Sikkim.  Outside India, MHEPL indirectly owns and operates a hospital in Malaysia and manages a clinic in Nigeria.

TPG is a leading global private investment firm with USD 65 billion of capital under management.

Dr. Ranjan Pai, CEO and MD of the Manipal Group said, “TPG has decided to invest in MHEPL. This is a significant foreign investment into the Indian healthcare industry, which is worth over US$80 billion. This investment allows MHEPL to access TPG’s operational know-how and international experience while strengthening our financial position, which allows us to uphold an unwavering focus on better patient outcomes”.

The relationship with TPG at this stage of Manipal Health’s growth phase augurs well allowing  further build-up of its capabilities in clinical excellence. Together with TPG’s background and experience in the domain of healthcare, we will look to further expand our presence, with a focus on providing first-rate healthcare to communities in India and abroad, said Swami Swaminathan, Executive Chairman, Manipal Health Enterprises Private Limited.

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. We look forward to seeing it build upon its leading position in high-quality healthcare delivery,” said Puneet Bhatia, Partner and TPG Capital head of India.