Indira IVF in Talks to Acquire Sabine Hospital for Rs 1300 Crore
Indira IVF, recognized as India's largest fertility hospital network, is engaged in advanced discussions to acquire Sabine Hospital and Research Centre in a transaction valuing the southern healthcare provider between Rs 1,200 crore and Rs 1,300 crore. According to reporting by The Economic Times, the proposed buyout would grant Indira IVF a controlling stake of 70-75% in the Kerala-based specialist.
The healthcare provider is backed by Swedish private equity firm EQT Partners, which acquired a 60% majority stake in Indira IVF in 2023 for about Rs 6,000 crore. The current acquisition structure involves purchasing equity from private equity owner CX Partners alongside additional shares from hospital founder Dr Sabine Sivadasan.
BPEA EQT will acquire a majority stake in Indira IVF, picking up around 60 per cent stake for about Rs 6,000 crore, with market sources revealing a valuation of over Rs 10,000 crore, according to Business Standard.
Valuation Architecture and Target Hospital Operations
The targeted asset represents one of the largest independent reproductive healthcare providers in southern India. CX Partners previously obtained a 54% holding in Sabine during 2024, pegging the firm's enterprise worth at $100 million or roughly Rs 835 crore.
Founded in 2010 by Dr Sabine Sivadasan, the organization operates two clinical facilities in Kerala providing fertility treatments, birthing services and gynaecological surgeries. The hospital network maintains an operational capacity of 300 patient beds, including 60 neonatal intensive care unit beds, while conducting more than 6,000 IVF cycles and 3,000 deliveries annually. Financial projections indicate Sabine is positioned to post a revenue of Rs 230-250 crore, with earnings before interest, taxes, depreciation and amortisation reaching Rs 70-80 crore in FY 27.
Strategic Consolidation Ahead of Planned Initial Public Offering
The transaction aligns with an ongoing consolidation strategy as Indira IVF prepares for a planned Rs 3,500 crore initial public offering. Founded in 1988 by Dr Ajay Murdia, Indira IVF has expanded its footprint across 200 medical centers nationwide, recording over 2,00,000 successful pregnancies.
Over recent operating cycles, the network has absorbed multiple regional fertility operators to establish market presence across underserved territories. Recent transactions include acquiring Kolkata-based Abha Surgy Healthcare in April, securing Creation Science IVF in Puducherry during September, and absorbing Gujarat-based Banker IVF in June 2025.
Following its acquisition of Banker IVF, Dr. Manish Banker took on the role of Chief Clinical Mentor at Indira IVF to provide clinical guidance and share insights across its network, according to Express Healthcare.
Competitive Rivalry and Regional Infertility Drivers
National healthcare chains are increasingly prioritizing clinical expansion into Kerala due to regional demographic patterns. The Economic Times reports that falling birth metrics across Kerala, registering an estimated fertility level between 1.35 and 1.7, serve as primary catalysts attracting nationwide fertility providers.
Rival fertility operators have undertaken comparable regional expansions. In March, Nova IVF Fertility, the second largest IVF chain in India, marked its entry into Kerala by acquiring a majority stake in Craft Fertility at a valuation of Rs 370 crore, backed by Asia Healthcare Holdings and TPG Growth.