Global investor KKR has provided $600-million financing to Manipal Education and Medical Group to enable the latter to accelerate its corporate expansion and growth objectives. The financing was arranged by KKR Capital Markets and anchored by KKR’s private credit and insurance platforms, the investor said on Monday.
The deal comes days after Shapoorji Pallonji group raising $3.4 billion in India’s largest ever private credit deal.
Since 2019, KKR has committed more than $8 billion across around 60 credit investments under its Asia Pacific Credit strategy, accounting for a total transaction volume of more than $21 billion.
KKR and Manipal did not disclose additional details of the deal. KKR is making its investment from its Asia Pacific Credit strategy and insurance platform.
The Manipal Group is a diversified group with businesses across healthcare, education and health insurance and owns Manipal Health Enterprises, one of the country’s top multispecialty hospitals chains in India. In 2023, Singapore-government owned Temasek bought majority stake in Manipal Health Enterprises.
“The Manipal Group has built a strong reputation over the decades as one of India’s healthcare and education leaders, and we look forward to supporting and contributing to their continued success,” “said Gaurav Trehan, co-head of KKR Asia Pacific and head of Asia Private Equity at KKR.
Ranjan Pai, chairman of Manipal Education and Medical Group, said, “KKR’s longstanding India focus and flexible capital approach, as well as alignment with our long-term vision, present a strong fit for us.”
Diane Raposio, Partner and Head of Asia Credit and Markets at KKR added: “India is a priority market for our credit strategy, and we look to build on this momentum to be a partner of choice to more high-quality companies like Manipal on their growth ambitions.”