Toronto [Canada]/Mumbai (Maharashtra) [India], August 17 (ANI/PRNewswire): Ontario Teachers' Pension Plan Board ("Ontario Teachers'"), today announced an agreement to acquire a significant majority stake in Sahyadri Hospitals Group ("Sahyadri"), the largest private hospital chain in the state of Maharashtra, from the Everstone Group. Existing sponsor, Everstone Group, along with key management and founders will retain minority stakes in the company. Sahyadri has 8 hospitals with c. 900 operating beds and 300 critical-care beds. In addition, the hospital chain has plans to grow its capacity by over 500 beds during the next five years. With 2,000 clinicians along with 2,600 supporting staff across its network of hospitals, Sahyadri's facilities are concentrated around the city of Pune, which is the second largest city in Maharashtra by population. "We are pleased to acquire a majority stake in Sahyadri Hospitals, which is our first control private equity buyout in India, and our fourth major investment in the country over the last 12 months. We believe we can leverage our significant global experience in the healthcare sector to help scale the company into a national healthcare provider in the coming years," said Raju Ruparelia, Senior Managing Director, Private Capital, Asia-Pacific at Ontario Teachers'. "We look forward to partnering with the company's founders, Dr Charudutt Apte, Sadanand Bapat and Nitin Desai, as well as the management team and Everstone to support the business as it enters its next stage of growth." "It has been a great experience partnering with Everstone and executing the playbook of consolidation and growth. We look forward to working with Ontario Teachers' to further build on this base and expand into other parts of the Western India region. Sahyadri as a brand is all set to take up a larger role in the Indian healthcare delivery ecosystem, not only in footprint but in setting up some of the most advanced and exemplary clinical practices in India. We believe that Ontario Teachers' is an ideal partner to help us achieve this," said Abrarali Dalal, Chief Executive Officer of Sahyadri Hospitals. "We welcome Ontario Teachers' and look forward to our partnership as we work toward our objective of making healthcare more accessible and affordable. This objective has been our guiding principle in establishing the brand Sahyadri. Today, not only are we known as the brand with the largest footprint in Maharashtra, but our clinical credentials continue to remain unparalleled," said Dr Charudutt Apte, Founder of Sahyadri Hospitals. He further adds, "I want to express my thanks to Everstone for walking shoulder to shoulder and supporting us in taking Sahyadri to where we are. It has been a wonderful journey." "Sahyadri is the largest multi-speciality healthcare service provider in the West India corridor. Sahyadri's unique hub and spoke model and best-in-class clinical capabilities have truly touched patients' lives. It is yet another demonstration of Everstone's partnership model and playbook, executing on several operational improvements for patients and doctors, transforming the business and creating significant value for all stakeholders," said Puncham Mukim, Managing Director of Everstone. Sahyadri is the latest investment by Ontario Teachers' Private Capital team in high-performing healthcare businesses. Recent investments include Asia Pacific Healthcare Group, New Zealand's largest pathology network, Abano Healthcare, the operator of one of the largest trans-Tasman dental groups, and Acorn Health, a leading U.S. provider of Applied Behavior Analysis therapy for children diagnosed with Autism Spectrum Disorder. The transaction is expected to close in Q4 2022 and is subject to customary closing conditions. Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of C$242.5 billion as at June 30, 2022. We invest in more than 50 countries in everything from equities to real estate to infrastructure and venture growth, to deliver retirement income for 333,000 current and retired teachers in Ontario. With offices in Hong Kong, London, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.6 per cent since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo. Singapore-headquartered Everstone, is a premier investment manager with assets of ~ US$7 billion across private equity, climate impact, logistics, digital and venture capital. Everstone has a significant resource base across its seven offices in Singapore, Mumbai, Delhi, Bengaluru, New York, Dubai and Mauritius, comprising best-of-breed investing, operations and strategic resources with significant experience and skills. For more information, visit www.everstonecapital.com and LinkedIn This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)