Ontario Teachers’ Pension Plan Sells Majority Stake in Sahyadri Hospitals

On July 9, 2025, the Ontario Teachers’ Pension Plan Board (Ontario Teachers’) announced its agreement to sell its majority stake in Sahyadri Hospitals Group (Sahyadri) to Manipal Hospitals, a prominent healthcare provider in India. This transaction marks a significant transition for Sahyadri, which has established itself as one of the leading hospital chains in Maharashtra, operating 11 hospitals and offering over 1,400 beds to a large patient base.

The sale comes after Ontario Teachers’ acquired its majority stake in Sahyadri in 2022, a strategic investment aimed at expanding the healthcare delivery landscape in India. Since then, Sahyadri has seen substantial growth, both organically and through mergers and acquisitions, and has positioned itself as a key player in the regional healthcare market.

Manipal Hospitals, known for serving over 7 million patients annually, is backed by Temasek, a global investment firm based in Singapore, with a portfolio value of approximately USD 324 billion as of March 31, 2025. This acquisition aligns with Manipal's commitment to enhancing healthcare accessibility and quality in India.

Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’, emphasized the firm’s strategy in healthcare, stating, “Healthcare is a key investment theme for us globally and in India. Our partnership with Sahyadri over the past three years underscores our belief in India’s growing healthcare needs.” He further noted that the investment has supported Sahyadri in building clinical leadership and enhancing medical talent across various specialties.

Rahul Mukim, Managing Director of Private Capital at Ontario Teachers’, added that the focus has been on unlocking long-term value through strategic investments in medical technology and expanding the hospital’s reach throughout Maharashtra.

Abrarali Dalal, Managing Director and CEO of Sahyadri Hospitals, expressed gratitude for the partnership, stating, “When Ontario Teachers’ invested, our intention was to create a formidable regional player... Backed by strong shareholder support, we’ve been able to invest over INR 900 crores since 2022.”

The transaction is currently pending regulatory approvals, with Ontario Teachers’ receiving advisory support from Jefferies and Alvarez & Marsal for financial matters, Latham & Watkins and Trilegal for legal issues, and EY for accounting and tax services.

Ontario Teachers’ manages assets worth approximately USD 266.3 billion as of December 31, 2024, and is recognized for its substantial investments across various sectors, ensuring retirement security for over 343,000 members. For further information, interested parties can visit Ontario Teachers’ official website or explore Sahyadri Hospitals’ online platform for details on its services and impact in the healthcare sector.