Acquisition of Sahrudaya Health Care by Maybach Asia Holdings II · 21 Oct 2026

SUMMARY OF THE PROPOSED COMBINATION

IN TERMS OF REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA
(COMBINATIONS) REGULATIONS, 2024

A. Name of the parties to the proposed combination.

1. The parties to the proposed transaction are:

• a) Maybach Asia Holdings II Pte. Ltd. (Maybach / Acquirer)
• b) Sahrudaya Health Care Private Limited (Target)

2. The Acquirer and the Target are collectively referred to as the Parties.

B. Nature and Purpose of the Combination.

3. The proposed transaction involves acquisition of 100% of the equity share capital of the Target by the Acquirer (Proposed Transaction). The Proposed Transaction is an acquisition of shares and falls under Section 5(a)(i)(A) of the Competition Act, 2002.

C. Products, Services and Business(es) of the Parties.

Acquirer / Maybach

4. The Acquirer is a special purpose vehicle (SPV) incorporated solely for the purpose of the Proposed Transaction. It is indirectly owned by investment funds, vehicles and / or accounts advised and managed by various subsidiaries of KKR & Co. Inc.

Target

5. The Target (directly and through its subsidiaries) operates a multi-specialty hospital network with 28 hospitals/units and approximately 4800 beds across south and west India. It provides comprehensive care across more than 80 clinical specialties, including but not limited to cardiology, neurology, gastroenterology, nephrology, oncology, orthopedics, critical care, women's health and other medical and surgical specialties.

D. Relevant Market(s) in which the Parties to the combination operate.

6. It is submitted that the Proposed Transaction does not give rise to competition concerns in any plausible market, irrespective of the manner in which the relevant market is delineated.

7. Without prejudice to the above and in the interest of assisting the Hon'ble Commission, the following relevant markets may be considered:

Horizontal overlaps

• i. Market for provision of healthcare services through hospitals in Hyderabad (including Secunderabad), Mumbai (including Navi Mumbai), Nashik, Visakhapatnam, Bangalore (Overlapping Cities);
  • a. Market for provision of primary care in the Overlapping Cities.
  • b. Market for provision of secondary / tertiary care in the Overlapping Cities for the overlapping specialties / procedures; and
  • c. Market for provision of quaternary care in India (specifically, kidney, liver and bone marrow transplants).

Vertical Links

• i. Upstream Market: Manufacture and sale of medical devices in India; and
  Downstream Market: Provision of healthcare services through hospitals / clinics in India.

Complementary Linkages

• i. Complementary Market (1): Provision of Health Insurance Products in India; and
  Complementary Market (2): Provision of Healthcare Services through Hospitals/Clinics in India.

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