Mubadala boosts India expansion with investment in Manipal Health
Abu Dhabi’s Mubadala Investment Company is investing in India’s Manipal Health Enterprises as part of its continued expansion in Asia’s third-largest economy.
Manipal Health, founded by Ranjan Pai in 1991, operates more than 30 hospitals across India, serving about six million patients per year, Mubadala said yesterday.
The group employs more than 5,000 doctors and is India’s second-largest hospital chain by bed capacity.
Mubadala did not disclose the size of its stake but said Singapore-based global investment company Temasek will continue to hold a majority stake in Manipal.
“Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal Health’s growth journey in the years ahead,” Camilla Languille, head of life sciences at Mubadala, said.
The hospital sector in India is estimated to expand by more than 18 per cent annually 18.34 trillion rupees ($220.99 billion) by the end of 2027 financial year, according to the Invest India government portal.
Mubadala, which invests on behalf of the Abu Dhabi government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from non-oil sources.
It has a presence across six continents, spanning sectors including aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals.
With assets worth Dh1.01 trillion ($276 billion), Mubadala is aiming to increase its investments in Asia, especially in India and South-East Asian countries, amid rapid economic growth and continued rise in domestic populations.
“It’s in big economies with big populations that are growing and that we didn’t have as much of a focus on in the past 10 years [that] we have a lot more focus today and we are building up that capability,” Khaldoon Al Mubarak, Mubadala’s group chief executive and managing director, said in December.
Last year, Mubadala revealed new investment deals in India as part of its expansion plans in the world’s most populous country. In April, Mubadala and the British Columbia Investment Management Corporation, a Canadian pension fund, became anchor investors in Cube Highways Trust, an infrastructure investment trust in India.
Mubadala also invested $525 million, together with BlackRock Real Assets, in Tata Power Renewables, one of the largest renewable energy companies in India.
“Manipal [Health] is playing a central role in developing India’s national healthcare infrastructure,” said Luca Molinari, head of Asia, direct investments, at Mubadala.
Last year, Mubadala was ranked among the top 10 most active deal makers among global sovereign wealth funds along with Saudi Arabia’s Public Investment Fund, Abu Dhabi Investment Authority and ADQ, according to the Global SWF report.