Business

Novo Holdings in Exclusive Talks to Acquire Nearly Half of Surya Hospitals

Financial figures reveal that Surya Hospitals had revenues of about ?170 crore in fiscal year 2023-24. The deal would mark another instance of private equity and institutional investment firms deepening their exposure in India’s hospital sector, following several high-profile hospital acquisitions.

• By Newsdesk
• New Delhi
• Sep 16, 2025

Business

Danish investment powerhouse Novo Holdings, which also controls pharmaceutical major Novo Nordisk, is in exclusive discussions to purchase a 49% stake in Surya Hospitals, according to sources close to the matter. The negotiation suggests a valuation of around ₹1,000 crore for Surya.

Surya Hospitals, led by paediatrician Bhupendra Avasthi along with Heramb Hajarnavis’s SCP Investments (he was formerly with KKR India), operates facilities across Mumbai, Pune, and Jaipur. Their specialisation is in women’s and children’s healthcare.

Two other interested parties — Kedaara Partners and LeapFrog Investments — had earlier made non-binding offers for a stake in the hospital chain, but as things stand, Novo appears to have gained exclusivity in discussions.

Financial figures reveal that Surya Hospitals had revenues of about ₹170 crore in fiscal year 2023-24. The deal would mark another instance of private equity and institutional investment firms deepening their exposure in India’s hospital sector, following several high-profile hospital acquisitions.

The move comes amid broader consolidation in India’s healthcare industry. Recently, Manipal Hospitals purchased Sahyadri Hospitals for nearly ₹6,400 crore, competing against major names like Fortis, Blackstone-backed Aster DM Healthcare, Carlyle, and EQT Partners. Also notable is KKR’s investment of roughly ₹2,000 crore to acquire Baby Memorial Hospital in Kerala, another speciality hospital in paediatrics.

Novo Holdings’ growing interest in India is also seen in its co-investment with TPG Capital, acquiring a 35% holding in packaging firm Schott Poonawalla, and its investments in diagnostic services player MedGenome.

If completed, this deal would underscore the accelerating pace of foreign and institutional investment in Indian healthcare — a sector already witnessing rising investor confidence and increasing foreign direct investment.