Abu Dhabi's Mubadala Investment Company is investing in India’s Manipal Health Enterprises as part of its continued expansion in Asia’s third-largest economy.
Manipal, founded by Ranjan Pai in 1991, operates more than 30 hospitals across India, serving about six million patients per year, Mubadala said on Monday.
The group employs more than 5,000 doctors and is India’s second-largest hospital chain by number of beds.
Mubadala did not announce the size of its stake or the value of the transaction but said Singapore-based global investment company Temasek will continue to hold a majority stake in Manipal.
“Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal’s growth journey in the years ahead,” Camilla Languille, head of life sciences at Mubadala, said.
The hospital sector in India is forecast to grow by more than 18 per cent annually to reach 18.34 trillion rupees ($220.99 billion) by the 2027 financial year, according to the Invest India government portal.
Mubadala, which invests on behalf of the Abu Dhabi government, is at the heart of the emirate’s efforts to diversify its revenue base and generate income from sources other than oil.
Its interests span six continents and sectors including aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, oil and gas, and petrochemicals.
With assets worth Dh1.01 trillion ($276 billion), Mubadala is aiming to increase its investments in Asia, especially in India and South-East Asian countries, amid rapid economic growth and continued rise in domestic populations.
“It's in big economies with big populations that are growing and that we didn't have as much of a focus on in the past 10 years [that] we have a lot more focus today and we are building up that capability,” Khaldoon Al Mubarak, Mubadala’s group chief executive and managing director, told the Milken Institute Middle East and Africa Summit 2023 in December.
Last year, Mubadala revealed new investment deals in India as part of its expansion plans in the world’s most populous country.
In April, Mubadala and the British Columbia Investment Management Corporation, a Canadian pension fund, became anchor investors in Cube Highways Trust, an infrastructure investment trust in India.
Mubadala also invested $525 million, together with BlackRock Real Assets, in Tata Power Renewables, one of the largest renewable energy companies in India.
“Manipal is playing a central role in developing India’s national healthcare infrastructure,” said Luca Molinari, head of Asia, direct investments, at Mubadala.
Last year, Mubadala was ranked among the top 10 most active deal makers among global sovereign wealth funds along with Saudi Arabia’s Public Investment Fund, Abu Dhabi Investment Authority and ADQ, according to the Global SWF report.
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Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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