On August 16, 2022, Ontario Teachers' Pension Plan Board acquired a significant majority stake in Sahyadri Hospitals Group, the largest private hospital network in Maharashtra, India, from Everstone Group. Estimated at approximately USD 300 million (about CAD 385 million at the time), the deal marked Ontario Teachers’ first control private equity buyout in India and its fourth major investment in the country within a year. Everstone, along with Sahyadri’s founders and key management, retained minority stakes.

Sahyadri operates eight hospitals with approximately 900 beds, including 300 critical-care beds, and employs 2,000 clinicians and 2,600 support staff. Based in Pune, the network plans to expand by more than 500 beds over the next five years. Ontario Teachers’ intends to scale Sahyadri into a national healthcare provider by leveraging its global healthcare expertise.

The acquisition aligns with Ontario Teachers’ growing healthcare portfolio, which includes Asia Pacific Healthcare Group, Abano Healthcare, and Acorn Health. Legal counsel was provided by Latham & Watkins LLP for Ontario Teachers’ and Khaitan & Co for Everstone and Sahyadri’s key promoters.