Manipal Group Said To Seek $466 Million Debt To Fund Sahyadri Hospitals Acquisition

India’s Manipal Education & Medical Group is in talks with a group of global lenders to raise about 40 billion rupees ($466 million) to help fund its purchase of Sahyadri Hospitals, according to people familiar with the matter.

Manipal, backed by Singapore state investment company Temasek Holdings Pte, has reached out to banks including DBS Group Holdings Ltd., Deutsche Bank AG, JPMorgan Chase & Co. and Standard Chartered Plc, said the people, who asked not to be identified because the information is private.

The funds could be raised through local currency bonds or loans with tenors ranging from three to five years, the people said. Considerations are ongoing and final details of the deal haven’t been finalized, they said.

Representatives for DBS and Deutsche Bank declined to comment, while Manipal, JPMorgan and Standard Chartered didn’t respond to requests seeking comment.

Earlier this month, Ontario Teachers’ Pension Plan Board agreed to sell its majority stake in India’s Sahyadri Hospitals to Manipal Hospitals, according to a statement by the Canadian investor.

Acquisition financing represents an opportunity for international lenders seeking to grow in India, particularly via private credit funds, according to a report from global consultancy firm EY.