Temasek unit takes control of Manipal

MUMBAI : Sheares Healthcare, a unit of Singapore’s Temasek, has agreed to buy a controlling stake in Manipal Health Enterprises, raising its ownership from 18% to close to 59% for about ₹16,400 crore, two people with knowledge of the development said. TPG, an existing shareholder of Bangalore-based hospital chain Manipal Health Enterprises, will sell 11% of its 21% stake, valuing the company at around ₹40,000 crore, the people said, requesting anonymity. TPG’s sale of 11% of its stake in Manipal Health Enterprises will result in a 10x return on its ₹900 crore investment in 2015. Manipal Health Enterprises reported net sales of ₹3,975.2 crore on earnings before interest, tax, depreciation and amortization of ₹1,030.3 crore in the year ended 31 March 2022, according to data research platform VCCEdge, owned by HT Media, the publisher of Mint.