Manipal Hospitals

The story of Manipal Hospitals begins not with a hospital, but with a medical college. In 1953, Dr. T.M.A. Pai, a doctor and philanthropist, founded the Kasturba Medical College in Manipal, Karnataka. His vision was to create accessible and quality medical education, which laid the groundwork for a future healthcare network. Decades later, in 1991, the vision expanded from education to direct patient care with the launch of the first Manipal Hospital in Bangalore. This 650-bed facility marked the formal entry of the Manipal brand into the healthcare delivery space. The journey of growth was steady, but the playbook shifted significantly towards aggressive expansion in the 2020s. A key move was the acquisition of Columbia Asia's Indian hospitals for ₹2,100 crore in 2021, a deal that made Manipal the second-largest hospital chain in India. This was followed by other strategic acquisitions, including a majority stake in AMRI Hospitals for approximately ₹2,300 crore, strengthening its presence in Eastern India. In April 2023, the company underwent a major structural change when Singapore's Temasek Holdings acquired a majority stake, valuing the hospital chain at around ₹40,000 crore. This marked the largest private equity deal in India's healthcare sector and set the stage for the company's next chapter, which includes a potential IPO.