Ontario Teachers’ Pension Plan Board (Ontario Teachers’) has announced that it has reached an agreement to sell its majority stake in Sahyadri Hospitals Group (Sahyadri) to Manipal Hospitals.
Manipal Hospitals is backed by Temasek, a global investment company headquartered in Singapore with net portfolio value of US$324b as on Mar 31, 2025.
Ontario Teachers’ acquired a majority stake in Sahyadri in 2022 and, since then, has supported its growth.
The investment was made by Ontario Teachers’ Private Capital team, in partnership with management and led by Abrarali Dalal.
Deepak Dara, Senior Managing Director and Head of India, Ontario Teachers’, said, “Healthcare is a key investment theme for us globally and in India. Drawing on our global experience and playbook of investing in healthcare services, we saw the potential to build on Sahyadri’s strong brand to create a regional healthcare leader. Our partnership with Sahyadri over the past 3 years underscores our belief in India’s growing healthcare needs and our commitment to empowering local champions in delivering high-quality, accessible care. We wish the Sahyadri team continued success as they transition into their next phase.”
Rahul Mukim, Managing Director, Private Capital, Ontario Teachers’, added, “Our partnership with Sahyadri over the past three years has been focused on unlocking long-term value – investing behind key specialties and medical technology, expanding reach across the state and building institutional processes to strengthen the platform. I would like to thank Abrarali Dalal, the management team and the clinicians and doctors at Sahyadri for their partnership and wish them every success in their next chapter with Manipal. ”
Abrarali Dalal, Managing Director and CEO of Sahyadri Hospitals said, “When Ontario Teachers’ invested, our intention was to create a formidable regional player with the infrastructure, medical equipment and clinical excellence to enable high-quality medical care in cities across the region. Backed by strong shareholder support, we’ve been able to invest over Rs 900 crores since 2022, leveraging our combined expertise to drive the transformation of Sahyadri. We’ve enjoyed a great partnership with the Ontario Teachers’ team and are optimistic about the platform’s continued positive impact on healthcare delivery.”
The transaction is subject to regulatory approvals. Ontario Teachers’ was supported by a team of advisors including Jefferies and Alvarez & Marsal (financial), Latham & Watkins and Trilegal (legal), and EY (accounting, tax and commercial).