Major law firms Trilegal and Latham & Watkins provide strategic advice to Canada's OTPP in a $760 million investment in an Indian hospital network
The Ontario Teachers' Pension Plan (OTPP) has announced the sale of its majority stake in Sahyadri Hospitals Group to Manipal Hospitals in a deal valued at approximately $760 million. The transaction, which was announced on July 9, 2025, marks OTPP's exit from the Sahyadri investment.
The deal sees Manipal Hospitals, a leading healthcare provider in India backed by Temasek, a Singapore-based global investment company, expanding its footprint significantly in western India. With this acquisition, Manipal Hospitals will increase its network and bed capacity to around 12,000 across India.
The Ontario Teachers' Private Capital team, led by Abrarali Dalal, managed this investment and sale. During their ownership, they partnered with Sahyadri’s management to facilitate growth through organic expansion and mergers & acquisitions, clinical leadership development, and capital investments in infrastructure and specialty programs.
Manipal Hospitals had previously acquired OTPP's stake in Sahyadri Hospitals Group in 2022. The group, which supports Maharashtra’s largest hospital chains with 11 hospitals and over 1,400 beds, has grown under OTPP's guidance.
The deal reflects OTPP’s strategy to invest in regional healthcare platforms and then realize value through strategic exits. Manipal Hospitals, on the other hand, is expanding its operations with the recent financing from KKR, having received $600 million in June 2023.
Legal advice for the transaction was provided by Trilegal and Latham & Watkins. The Trilegal team was led by partners Sanjam Arora and Vishal Sagar, while the Latham team was led by Singapore partners Sidharth Bhasin, Michael Rackham, and Timothy Hia. Advice on tax matters was provided by Simon Skinner from Latham & Watkins.
Despite the competitive bidding process, which included Manipal Hospitals, EQT, Blackstone, TPG-backed Quality Care India, and Malaysia’s IHH (which operates Fortis Healthcare and Gleneagles), Manipal Hospitals emerged as the successful bidder.
The sale of OTPP's stake in Sahyadri Hospitals Group is a significant move in the Indian healthcare sector, consolidating Manipal Hospitals' position as one of India's largest hospital networks. The exact value of the stake sale was not disclosed by OTPP, but local news reports suggest it is around $760 million.
Science plays a crucial role in the advancement of healthcare-and-wellness industries, as evidenced by the clinical leadership development and capital investments in specialty programs supported by the Ontario Teachers' Pension Plan (OTPP) during their ownership of Sahyadri Hospitals Group.
The finance and business sector also plays an instrumental role in this growth, with investments from entities like Manipal Hospitals, KKR, EQT, Blackstone, TPG-backed Quality Care India, and Malaysia’s IHH, contributing to the expansion and consolidation of healthcare networks in the industry.
