Temasek-Backed Manipal Health Acquires Sahyadri for $700 Million

Manipal Health Enterprises Pvt. has acquired a majority stake in Sahyadri Hospitals for about $700 million, adding to a flurry of health care deals in India and challenging the dominance of Apollo Hospitals Enterprise Ltd.

The Bengaluru-based company is buying out Ontario Teachers’ Pension Plan, or OTPP, in closely held Sahyadri, for 60 billion rupees ($701 million), a Manipal spokesperson said. This will add 11 hospitals and push Manipal’s total bed count to 12,000, according to a late Wednesday statement from the company.

“Through this acquisition, Manipal will expand its presence in western India, in line with its strategy ...