Mubadala Investment Company, an Abu Dhabi-based global sovereign investor, has announced that it is investing in Manipal Health Enterprises (Manipal).

Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.

Manipal was founded by Dr. Ranjan Pai in 1991 and rapidly grew from its roots in Bangalore to build a pan-Indian presence. Manipal offers affordable, high-quality healthcare through its multispecialty and tertiary care network which currently serves around 6 million patients a year through more than 30 hospitals across the country. Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.

Camilla Macapili Languille, Head of Life Sciences at Mubadala, said that, “Manipal is one of India’s leading healthcare networks, distinguishing itself through its commitment to clinical excellence, its strong patient-centric approach, and its impeccable standards of corporate governance. 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.”

“We are delighted to work with such high-quality partners like Temasek, TPG, Dr. Ranjan Pai, and the management team of Manipal to drive the business through the next phase of its growth trajectory. Manipal is playing a central role in developing India’s national healthcare infrastructure and we are tremendously excited to partner with them,” commented Luca Molinari, Head of Asia, Direct Investments, at Mubadala.

Last year, Hyundai Motor Company and Mubadala Investment Company signed a memorandum of understanding (MoU) to jointly explore potential business opportunities and synergies for future mobility and technologies. This MoU marks the beginning of a strategic collaboration that will drive progress in future mobility and clean technologies.