For the investment, NIIFL will get a minority stake in Manipal Hospitals as Chairman of Manipal Education and Medical Group Ranjan Pai is selling a small percentage of his stake in the company
NEW DELHI :
The National Investment & Infrastructure Fund Ltd (NIIFL) on Thursday announced an investment of ₹2,100 crore in Manipal Hospitals, through its direct private equity fund, Strategic Opportunities Fund, as the healthcare provider pursues its next phase of growth.
For the investment, NIIFL will get a minority stake in Manipal Hospitals as Chairman of Manipal Education and Medical Group Ranjan Pai is selling a small percentage of his stake in the company, a spokesperson of the hospital chain told PTI.
This investment marks the fund's first investment in the Indian healthcare sector and will support Manipal Hospitals' journey of growth to become one of India's largest hospital chains, NIIFL and Manipal Hospitals said in a joint statement.
The transaction has been signed by both parties and the closing of the transaction is subject to receipt of certain approvals, it added.
Bengaluru-headquartered Manipal Hospitals operates 15 hospitals with focus on tertiary and quaternary care. It had recently announced acquisition of Columbia Asia Hospital.
"We are delighted to partner with Manipal Hospitals in their next phase of growth. Through this investment, NIIFL looks forward to playing a role in serving the healthcare needs of India," NIIFL MD and CEO Sujoy Bose said.
The strong governance, processes and track record of Manipal Hospitals resonate well with NIIFL's investment philosophy, he added.
"We are pleased to join hands with NIIFL as Manipal Hospitals continues on its path to reach many more geographies and under-served communities to provide both access and superlative clinical outcomes," Ranjan Pai said.
NIIFL, a collaborative investment platform for international and domestic investors, anchored by the government, invests across asset classes such as infrastructure, private equity and other diversified sectors, with the objective to generate attractive risk-adjusted returns.
It manages over $4.5 billion of equity capital commitments across three funds-- master fund, fund of funds and Strategic Opportunities Fund.
Manipal Hospitals operates and manages about 6,000 beds across 15 hospitals.
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