New Delhi, Jan. 20 -- Danish investor Novo Holdings, the controlling shareholder of global pharmaceutical major Novo Nordisk, has acquired a significant minority stake in Mumbai-based Surya Hospitals as the hospital chain looks to expand its presence in western India.
Novo Holdings, which in the last two years has ramped up its India play with investments such as Manipal Hospital, has invested an undisclosed amount in Surya Children's Medicare Pvt Ltd, a multi-specialty hospital chain focused on women's and children's healthcare. The terms of the transaction were not disclosed.
The investment comes more than six months after VCCircle reported that Novo Holdings was weighing a deal to buy a stake in Surya Hospitals, which is primarily backed by private equity firm SeaLink Capital Partners. At the time, VCCircle had said that the proposed investment could be in the range of Rs 500-600 crore ($55-66 million), and that SeaLink Capital was exploring an exit.
Confirming the deal on Tuesday, Novo Holdings said it had acquired a "significant" minority stake as it looks to support Surya's expansion in western India, strengthen clinical infrastructure, and ramp up its medical team.
"Specialized healthcare delivery is a key focus for Novo Holdings in India, particularly in areas where clinical quality and outcomes are paramount," said Amit Kakar, managing partner and head of Asia at Novo Holdings.
Founded in 1984, Surya Hospitals operates a network of super-specialty hospitals across Mumbai, Pune, and Jaipur, offering women's, neonatal, and paediatric care. Maternal health remains a core focus, with advanced services across complex gynaecology, neonatology, paediatrics, and multiple surgical super-specialities.
In 2018, SeaLink Capital had invested Rs 200 crore in Surya Hospitals and currently holds close to a 49% stake in the company.
"Structural trends such as urbanization and rising maternal age are reshaping healthcare delivery, and we believe platforms like Surya Hospitals, with deep clinical expertise and a focused care model, are well positioned to meet these evolving needs at scale," said Navjeewan Khosla, partner at Novo Holdings Asia.
Novo Holdings has been sharpening its focus on India, eyeing single-specialty hospitals and contract drugmakers, Reuters reported in November. Kakar had told Reuters at the time that single-specialty hospitals would represent the "next phase" of hospital care in the country.
The Danish investment firm is also exploring investments in contract drugmakers, particularly companies manufacturing complex biologics used in treatments for diseases like cancer.
Published by HT Digital Content Services with permission from VC Circle.