Indira IVF in talks to acquire Sabine

Mumbai: Indira IVF, India's largest IVF hospital chain, is reportedly in talks to acquire Sabine Hospital and Research Centre, a Kerala-based chain specializing in infertility treatment and mother-and-child care. The proposed transaction could value Sabine at ₹1,200-1,300 crore, according to multiple sources. CX Partners, which owns 54% of Sabine, acquired a 54% stake in 2024 for $100 million (approximately ₹835 crore).

Indira IVF, backed by Swedish private equity firm EQT Partners, is expected to acquire a 70-75% stake in Sabine, with additional investment from the founder.

Founded in 2010 by Dr Sabine Sivadasan, Sabine provides a range of healthcare services, including IVF and other fertility treatments, birthing, newborn care, and gynaecological procedures. With two facilities in Kerala, Sabine operates with a total capacity of 300 beds, including 60 neonatal intensive care unit (NICU) beds. The chain conducts over 6,000 IVF cycles and 3,000 deliveries annually, generating a revenue of ₹230-250 crore and an Ebitda of ₹70-80 crore for FY 27, as per sources.

Indira IVF, preparing for a ₹3500-crore initial public offering (IPO), is actively expanding its footprint in India's fertility treatment market through acquisitions. The company has previously acquired Abha Surgy Healthcare, Creation Science IVF, and Banker IVF to strengthen its position. In March, Nova IVF Fertility, the second-largest IVF chain in India, entered the Kerala market by acquiring a majority stake in Craft Fertility for ₹370 crore, with plans to open 10 centers in the state over the next 3-5 years.

Kerala's declining fertility rate, estimated at around 1.35-1.7, is a key driver for national IVF chains like Indira IVF and Nova IVF Fertility to enter the state. EQT Partners acquired about 60% of Indira IVF in 2023 for approximately ₹6,000 crore. Indira IVF, founded by Dr Ajay Murdia in 1988, has a nationwide network spanning 200 centers across India and has supported over 2,00,000 successful pregnancies.