Singapore investment fund Temasek is building on its investment strategy in India with a focus on building scalable, regionally strong, and specialty-driven platforms across the healthcare delivery spectrum. The fund is deploying capital through both organic growth and bolt-on acquisitions, with a long-term view centered on accessibility, affordability, and high-quality care, according to a senior executive.
Last week, Temasek backed Manipal Hospitals acquired Sahyadri Group outbidding rival hospital chains and PE firms.
“Our focus is to back platforms that can deliver healthcare at scale across India. The recent acquisition of the Sahyadri Group in Pune fits right into that,” Ravi Lambah, Head of India at Temasek told ET.
With this acquisition, Manipal Hospitals expanded its footprint significantly in western India. The Manipal group now operates 49 hospitals with more than 12,000 beds, following a series of acquisitions and new builds. Sahyadri alone added 11 hospitals to the three already under Manipal in Pune, reinforcing its strength in the region.
The Manipal platform has established strong positions in the South and East (West Bengal via Medica Synergy acquisition), and with Sahyadri, it has further strengthened its base in the West. The next logical expansion target is Mumbai, where it is exploring a mix of strategies, including greenfield development and bolt-on acquisitions, he said.
“We typically target hospitals in the 200–300 bed range. That allows us to scale efficiently across cities. Flagship hospitals may go up to 500 beds, but the sweet spot remains mid-sized facilities,” Lambah said.
Lambah points out that Temasek has no short-term IPO goals for Manipal. “We are not looking to sell. The IPO, when it happens, will be a tool to create currency for future acquisitions. For now, it’s about profitable growth and integrating the acquisitions already made.”
Beyond multi-specialty hospitals, Temasek is also doubling down on focused verticals in healthcare.
“Within our platforms, we are expanding specialty care—Oncology, IVF and Radiology. And we are looking closely at underserved markets,” Lambah said. “India remains deeply underpenetrated in healthcare. Our approach is to support platforms that bring in quality care at scale—whether it's through mother & child care, eye care, oncology or broader hospital chains,” Lambah said.
Although Temasek has historically participated in large buyouts in India, Temasek remains actively engaged across the investment spectrum. Its total mark to market portfolio exposure in India was about $50 billion in FY25, went up from $37 billion in FY24. Globally, Temasek has a net portfolio value of $324 billion as at 31 March 2025.
Over $3 billion was invested in India last year, including large investments in VFS Global and Haldiram’s.
“We don’t necessarily differentiate between buyouts and growth deals — for us, even a buyout is fundamentally a growth investment,” says Lambah. “What matters is the underlying growth story of the business, not just the deal construct.”
Temasek took a controlling stake in Manipal Hospitals, which is a strong growth platform in Indian healthcare. Similarly, in the case of Haldiram, it explored a minority investment in a fast-growing consumer business. “Whether it's a minority stake in a consumer brand or a control deal in healthcare, both align with our objective of capturing India’s growth,” he notes.
Temasek’s India strategy is spanning both listed and unlisted opportunities, and executed through minority or control deals, or even platform-building with existing portfolio companies. “Our stake increase in Kotak Bank, for instance, is another reflection of our belief in India’s long-term growth story,” Lambah adds.
“India is still very much a growth play, and our approach is to remain flexible and partner-centric, focusing on sectors and companies that can scale over time,” added Lambah.
Last week, Temasek backed Manipal Hospitals acquired Sahyadri Group outbidding rival hospital chains and PE firms.
“Our focus is to back platforms that can deliver healthcare at scale across India. The recent acquisition of the Sahyadri Group in Pune fits right into that,” Ravi Lambah, Head of India at Temasek told ET.
With this acquisition, Manipal Hospitals expanded its footprint significantly in western India. The Manipal group now operates 49 hospitals with more than 12,000 beds, following a series of acquisitions and new builds. Sahyadri alone added 11 hospitals to the three already under Manipal in Pune, reinforcing its strength in the region.
The Manipal platform has established strong positions in the South and East (West Bengal via Medica Synergy acquisition), and with Sahyadri, it has further strengthened its base in the West. The next logical expansion target is Mumbai, where it is exploring a mix of strategies, including greenfield development and bolt-on acquisitions, he said.
“We typically target hospitals in the 200–300 bed range. That allows us to scale efficiently across cities. Flagship hospitals may go up to 500 beds, but the sweet spot remains mid-sized facilities,” Lambah said.
Lambah points out that Temasek has no short-term IPO goals for Manipal. “We are not looking to sell. The IPO, when it happens, will be a tool to create currency for future acquisitions. For now, it’s about profitable growth and integrating the acquisitions already made.”
Beyond multi-specialty hospitals, Temasek is also doubling down on focused verticals in healthcare.
“Within our platforms, we are expanding specialty care—Oncology, IVF and Radiology. And we are looking closely at underserved markets,” Lambah said. “India remains deeply underpenetrated in healthcare. Our approach is to support platforms that bring in quality care at scale—whether it's through mother & child care, eye care, oncology or broader hospital chains,” Lambah said.
Although Temasek has historically participated in large buyouts in India, Temasek remains actively engaged across the investment spectrum. Its total mark to market portfolio exposure in India was about $50 billion in FY25, went up from $37 billion in FY24. Globally, Temasek has a net portfolio value of $324 billion as at 31 March 2025.
Over $3 billion was invested in India last year, including large investments in VFS Global and Haldiram’s.
“We don’t necessarily differentiate between buyouts and growth deals — for us, even a buyout is fundamentally a growth investment,” says Lambah. “What matters is the underlying growth story of the business, not just the deal construct.”
Temasek took a controlling stake in Manipal Hospitals, which is a strong growth platform in Indian healthcare. Similarly, in the case of Haldiram, it explored a minority investment in a fast-growing consumer business. “Whether it's a minority stake in a consumer brand or a control deal in healthcare, both align with our objective of capturing India’s growth,” he notes.
Temasek’s India strategy is spanning both listed and unlisted opportunities, and executed through minority or control deals, or even platform-building with existing portfolio companies. “Our stake increase in Kotak Bank, for instance, is another reflection of our belief in India’s long-term growth story,” Lambah adds.
“India is still very much a growth play, and our approach is to remain flexible and partner-centric, focusing on sectors and companies that can scale over time,” added Lambah.
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