Temasek, owned by the Government of Singapore, acquired an additional 41% interest in India-based Manipal Health through its portfolio company Sheares Healthcare Group, reported The Indian Express.

A source familiar with the matter said that Temasek paid nearly $2bn to acquire the additional stake., reported Reuters.

After the acquisition, Temasek now holds 59% stake in the hospital, up from 18% prior to the acquisition..

The company purchased the interest in Manipal from promoters as well as other investors such as National Infrastructure Investment Fund (NIIF) and TPG Capital Management.

Following the transaction, the promoter Ranjan Pai family’s interest will drop to 30%. TPG Capital has sold 11% share in the hospital network, or half of its whole 22% stake, while NIIF has completely quit the market by selling its stake of 8%.

Manipal plans to increase its footprint in the country with acquisitions.

The company purchased the Indian assets of Columbia Asia Hospitals in a deal valued at Rs21bn ($256m) in 2020 and Bengaluru-based Vikram Hospitals from Multiple Private Equity for nearly Rs3.5bn ($42.7m) in 2021.

Manipal bought Advanced Medical Research Institute Hospitals in Kolkata for Rs24bn ($293m) recently.

The company is also in discussions with private equity investor True North to buy around 70% stake in KIMS Health Management in Kerala, India.

In January this year, FUJIFILM India and Manipal Hospitals collaborated for the former’s digital technology to store sensitive medical documents and images.