Mubadala buys stake in Indian hospital chain 

Unsplash.com/Piron Guillaume

The Abu Dhabi sovereign investor Mubadala Investment Company has invested in Manipal Health Enterprises (Manipal), India’s second-largest hospital chain by number of beds.

“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,” said Camilla Macapili Languille, head of life sciences at Mubadala, according to the state-owned WAM news agency. 

Mubadala, along with Novo Holdings and CalPERS, the California Public Employees’ Retirement System, acquired an eight percent stake in Manipal from Singapore’s sovereign wealth fund, Temasek, the state-run Press Trust of India said.

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The value of the deal was not given.

Temasek will continue to hold a majority stake in Manipal. In April 2023, the Singapore fund increased its stake in Manipal to 59 percent after acquiring an additional 41 percent stake for more than Rs163 billion ($1.96 billion).

Manipal offers affordable healthcare through its multispecialty and tertiary care network, which serves around six million patients a year through more than 30 hospitals across India. It employs more than 5,000 doctors.

Mubadala, which has so far invested $4 billion in India through direct and indirect investments, sees the country as a priority market for its investments in Asia, particularly in the infrastructure sector, its CEO of real estate and infrastructure investments, Khaled Abdulla Al Qubaisi told the Indian business daily Economic Times last year.