New Delhi, Oct. 5 -- After years of aggressive dealmaking, private equity firms have slowed their hospital investments in India, opting instead to leverage the improved financials of multi- and single-specialty chains and take them public.

PE investments in Indian hospital chains have dropped to $142 million so far this year from about $1.15 billion 2024 and $3.6 billion in 2023, show data from Venture Intelligence. The number of deals has dropped to six this year from eight last year and 11 in 2023.

The largest PE deals in Indian hospitals were both in 2023: Temasek and TPG Capital's $2.4 billion investment in Manipal Hospitals, and Blackstone's $700 million cheque to Care Hospitals.

"Most of the larger hospital chains have the scale ...