Novo Holdings, the Danish investment entity managing the assets of the Novo Nordisk Foundation, has acquired a 49% stake in Surya Hospitals, a Mumbai-based specialty chain focused exclusively on women’s health, maternity services, fertility treatments, and paediatrics. The transaction, completed in mid-January 2026, represents one of the largest private equity investments in India’s specialised healthcare services sector and underscores growing global interest in India’s high-growth women’s and children’s healthcare market.

Surya Hospitals, founded in 1985 and currently led by the second generation of the promoter family, operates six hospitals across Mumbai and Thane with a combined capacity of approximately 500 beds. The chain is widely recognised as a centre of excellence for high-risk obstetrics, advanced neonatal intensive care (including Level III NICUs), paediatric surgery, paediatric oncology, and fertility services. It delivers over 15,000 babies annually and handles a large volume of complex referrals from across western India.

The partnership with Novo Holdings is expected to provide Surya with significant growth capital to pursue an ambitious expansion plan. Funds will be deployed toward:

New greenfield hospitals in major Tier-1 and Tier-2 cities

Capacity addition and technology upgrades at existing facilities

Introduction of advanced neonatal and maternal-fetal medicine capabilities

Strengthening clinical talent acquisition and training programmes

Novo Holdings brings global best practices in healthcare delivery, operational excellence, and long-term value creation, while the existing management team will continue to lead day-to-day operations and maintain the hospital’s strong clinical culture and brand reputation.

Dr. Bhupendra Avasthi, Chairman and Managing Director of Surya Hospitals, commented: “This partnership with Novo Holdings is a landmark moment for Surya. Their global experience, patient-first philosophy, and long-term investment horizon align perfectly with our vision of becoming the most trusted name in women’s and children’s healthcare across India.”

Lars Bo Bertram, Senior Partner at Novo Holdings, added: “India has an enormous unmet need for high-quality, specialised care in obstetrics, gynaecology, and paediatrics. Surya has built an exceptional clinical organisation and brand over nearly four decades. We are excited to support their next phase of growth and help bring world-class care to more families.”

The deal reflects Novo Holdings’ increasing focus on healthcare services in emerging markets, where specialised chains can deliver outsized social and financial impact. It also highlights the growing attractiveness of India’s women’s and children’s healthcare segment, driven by rising disposable incomes, increasing health awareness, higher institutional delivery rates, and growing demand for advanced fertility and paediatric services.

For Surya Hospitals, the transaction provides long-term capital stability and global best-practice support while allowing the founding family to retain control and continue leading the organisation’s clinical and cultural direction.