National Investment and Infrastructure Fund (NIIFL) has announced an investment of Rs 2,100 crore in multi-speciality healthcare providers Manipal Hospitals, through Strategic Opportunities Fund (SOF), the direct private equity fund of NIIF. Business Standard had on Wednesday reported that the two parties are in final stage talks to close the fund raise.
This investment marks SOF’s first investment in the Indian healthcare sector and will support Manipal Hospital’s journey of growth, said NIIF. The transaction is subject to receipt of certain approvals.
SOF focuses on sectors which are closely linked to India’s growth and benefit from the country’s demographics, consumption, investment, and policy trends.
“The strong governance, processes and track record of Manipal Hospitals resonate well with NIIF’s investment philosophy. It is exciting to partner with a highly capable management team that has created one of the most efficient healthcare delivery platforms in the country,” said Sujoy Bose, Managing Director & Chief Executive Officer of NIIF.
Headquartered in Bengaluru, billionaire Rajnan Pai-controlled Manipal Hospitals had entered into a definitive agreement to acquire the India business of Columbia Asia Hospitals for Rs 2,100 crore last year. The combined entity will have a presence of 27 hospitals across 15 cities with over 7,300 beds and over 4,000 doctors and 10,000 employees.
“We are pleased to join hands with NIIF as Manipal Hospitals continues on its path to reach many more geographies and under-served communities to provide both access and superlative clinical outcomes. Investing in the healthcare sector requires a long-term outlook as well as a sensitivity to social responsibilities, and I am glad that in NIIF we have a partner who shares these perspectives,” said Pai, Chairman of Manipal Education and Medical Group.