TPG pick ups minority stake in Manipal Health for Rs 900 cr

US private investment fund TPG has picked up a significant minority stake in Manipal Health Enterprises for Rs 900 crore. TPG Capital's head of India Puneet Bhatia said: "We are excited about working alongside MHEPL as the company strengthens its world-class network of hospitals and progresses towards its strategic ambition of expanding its footprint in India".

In a joint statement announcing the completion of the transaction, Manipal Group CEO and MD Ranjan Pai said: "This is a significant foreign investment into the Indian healthcare industry, which is worth over USD 80 billion".

Manipal Health Enterprises Pvt Ltd (MHEPL) is a part of the Manipal Education and Medical Group, a privately held conglomerate focused on Education, Healthcare and research.

"Together with TPG's background and experience in the domain of healthcare, Manipal Health Enterprises will look to further expand its presence, with a focus on providing first- rate healthcare to communities in India and beyond," Manipal Health Enterprises Pvt Ltd Executive Chairman Swami Swaminathan said.