India-based National Investment and Infrastructure Fund Limited (NIIFL) is investing $285m (Rs21bn) in Manipal Hospitals.

The investment is made through its NIIF Strategic Opportunities Fund (SOF), NIIF’s direct private equity fund.

Headquartered in Bengaluru, Karnataka, Manipal Hospitals is a multi-speciality healthcare facility with 15 hospitals across India and key focus on tertiary and quaternary care.

Claimed to be SOF’s first investment in the Indian healthcare sector, the capital injection is expected to further Manipal Hospital’s aim to become one of the largest hospital chains in India.

NIIF noted that the transaction is subject to receipt of certain approvals.

It aims to become an affordable, quality healthcare framework across its multi-speciality and tertiary care delivery spectrum.

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NIIF managing director and CEO Sujoy Bose said: “We are delighted to partner with Manipal Hospitals in their next phase of growth. Through this investment, NIIF looks forward to playing a role in serving the healthcare needs of India.

“The strong governance, processes and track record of Manipal Hospitals resonate well with NIIF’s investment philosophy. It is exciting to partner with a highly capable management team that has created one of the most efficient healthcare delivery platforms in the country.”

Anchored by the Indian government, NIIF is a collaborative investment platform for international and Indian investors.

In November 2020, Manipal Hospitals acquired hospital chain Columbia Asia Hospitals, which augments its growth to become a healthcare provider.