KKR is about to make its next big bet in Indian healthcare after selling its remaining 27.5% stake in Max Healthcare for more than Rs 9,000 crore in August, the largest ever investment by an Indian private equity firm.

On March 15, Moneycontrol reported that the promoter group of Manipal Health Enterprises was in talks to raise capital, buy back some shares from TPG and partially exit the private equity giant ahead of a proposed listing. Those discussions did not culminate in a deal.

Abhay Soi, chairman and managing director of Max Healthcare (23.09% for the quarter ended June 2022) and KKR were early co-sponsors of the company. Soi is now the sole sponsor following the US private equity firm’s exit. In 2018, KKR acquired stakes in Max Healthcare and Radiant Life Care. In September 2021, KKR sold 84.4 million shares in Max Healthcare for Rs 2,956 crore via a block trade route. Later, KKR also committed to taking an additional 10% stake in Max Healthcare in March for nearly Rs 3,300 crore. KKR supports listed JB Chemicals and Pharmaceuticals in domestic healthcare and pharmaceuticals.

In February 2015, TPG Capital acquired a significant minority stake in the hospital chain led by Ranjan Pai for Rs 900 crore. The world’s leading investment firm holds about 21% of the shares. Singapore’s Temasek holds 18%, NIIF (National Infrastructure Investment Fund) holds 8%, and the rest is held by the promoter family. As part of its India portfolio, TPG also supports nursing hospitals, maternity hospitals and infertility chain Nova IVF.