Mumbai: Mumbai-based sovereign wealth fund Temasek mentioned on Monday that it’s buying an extra 41 per cent stake in India’s Manipal Well being Enterprises from traders together with TPG, boosting its stake in one of many nation’s largest hospital chains to 59 per cent.
Whereas Manipal didn’t specify the deal worth, Temasek has paid about $2 billion for the extra stake, mentioned an individual with direct data of the matter. Manipal didn’t instantly reply to a question looking for remark.
Personal fairness agency TPG, an investor in Manipal since 2015, will absolutely exit its stake, although it is going to reinvest by way of a brand new fund.
India’s sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), may even promote its full stake to Temasek, whereas Manipal founder Ranjan Pai’s household holding will cut back from about 50% to 30 per cent.
Manipal presently serves over 5 million sufferers a yr by means of its 29 hospitals in 16 cities with 4,000 docs, in keeping with a press release issued collectively by the traders.
“By re-investing by means of our new Asia fund – TPG Asia VIII, we look ahead to persevering with to assist Manipal’s mission of bridging the standard healthcare infrastructure hole within the nation,” mentioned Puneet Bhatia, co-managing companion of TPG Capital Asia.
