Manipal Health signed an agreement to acquire Kinder Women’s Hospital in Bengaluru for ₹130 crore in cash.

The company informed stock exchanges that it signed a Business Transfer Agreement with Kindorama Healthcare Private Ltd on 17 August.

This structure means Manipal Health is buying the hospital’s operations and assets directly, rather than acquiring shares of the company that owns it.

Kinder Hospital sits in the Doddanekundi Industrial Area of Bengaluru and has been running since 2022. It currently operates 100 beds.

For the year ended 31 March 2026, the hospital reported revenue from operations of around ₹20.75 crore, which puts the acquisition price at roughly 6.3 times that annual revenue figure.

Manipal Health said the deal isn’t a related-party transaction, and confirmed that neither its promoters nor group companies hold any stake in Kindorama Healthcare or the hospital being acquired.

The company expects the transaction to close within 90 days of signing, though this depends on statutory and customary approvals tied to the change in hospital ownership. There isn’t a specific deadline for shutting.

This acquisition fits into a much bigger expansion pattern. Manipal Health has been on an active acquisition run ahead of its planned IPO, for which it has already secured SEBI approval to raise $1.1 billion.

The group previously bought the Sahyadri Hospitals chain for around ₹6,400 crore, picked up controlling stakes in AMRI Hospitals for about ₹2,300 crore in 2023, and acquired Medica Synergie for up to ₹1,400 crore in 2024.

Separately, the company has also taken on new real estate commitments in Bengaluru and Mumbai this year, including a long-term hospital lease in Yelahanka and a ₹495 crore property acquisition in Andheri, as part of its broader capacity expansion strategy.

Manipal Health currently runs a network of 49 hospitals with more than 12,600 beds across 24 cities in India.

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