Mubadala, 2 other funds acquire 8% stake in Manipal Health Enterprises

Abu-Dhabi-based Mubadala Investment Company and two other funds have acquired a minority 8 per cent stake in Manipal Health Enterprises from Singapore's sovereign wealth fund Temasek.

Mubadala Investment Company in a statement on Monday said that it is investing in Manipal Health Enterprises. Temasek will continue to hold a majority stake in Manipal, it added.

In April last year, Temasek acquired an additional 41 per cent stake in Manipal for more than Rs 16,300 crore, taking its total shareholding to 59 per cent in one of the country's largest hospital chains.

According to sources, Temasek has reduced its stake by 8 per cent in the hospital chain.

Novo Holdings and California Public Employees' Retirement System (CalPERS) are the other new investors in Manipal Health Enterprises, according to a release by the hospital chain.

"Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal's growth journey in the years ahead," Head of Life Sciences at Mubadala Camilla Macapili Languille stated.

Manipal was founded by Dr Ranjan Pai in 1991, and rapidly grew from its roots in Bangalore to build a pan-Indian presence.