Manipal Group Gets $600-Million Investment From KKR

The Manipal Group on Monday announced an investment from the American private equity major KKR amounting to $600 million or Rs 5,123 crore.

The investment will enable the Manipal Group to accelerate its corporate expansion and growth objectives by providing flexible, structured capital matched to its long-term strategic needs, a press release said.

The investment was arranged by KKR Capital Markets and anchored by KKR's private credit and insurance platforms. Additional details of the transaction have not been disclosed.

Led by billionaire Ranjan Pai, the Manipal Group spans businesses across the healthcare, education, and health insurance sectors, including its flagship healthcare arm, Manipal Health Enterprises, a multispecialty hospital chain in India.

"India is a priority market for our credit strategy," said Diane Raposio, partner and head of Asia credit and markets at KKR.

Since 2019, the US firm has committed more than $8 billion across around 60 credit investments under its Asia Pacific Credit strategy, accounting for a total transaction volume of more than $21 billion.

The Manipal Group also counts Singapore's sovereign wealth fund Temasek Holdings as a key investor, which picked a majority stake in Manipal Hospitals in 2023, valuing the chain at $4.6 billion.