Temasek Takes Majority Stake in India’s Manipal Health
Posted on 04/10/2023
Singapore’s state-owned Temasek Holdings has acquired a 59% stake in India’s Manipal Health Enterprises for US$ 2 billion. Temasek’s Sheares Health unit already held 18% of Manipal, but has purchased 41% more from other investors and parties. Indian medical doctor Ranjan Pai will now own only 30%, and TPG will drop to 11% ownership. Manipal Health promises “world class healthcare services and treatment at a reasonable cost.” Manipal Health serves 5 million patients a year.
Economy Pushes Ahead
Today, Ukraine’s Foreign Minister is in India promoting a “strong message for peace” and humanitarian aid. India has tried to avoid taking sides in the conflict, but has continued to purchase Russian oil. India is the third-highest oil importing nation, and Russia is its primary source of oil. Economic growth in India slowed to 4.4% last year, but India is the fifth largest economy and is threatening a contracting Germany for the fourth spot.