Singapore-based Temasek is set to take majority control in Bengaluru-based Manipal Health Enterprises following the acquisition of an additional 41% stake in the hospital chain.

According to a joint statement issued by the two companies, after the transaction, Manipal Group will hold about 30% of MHE, while Sheares Healthcare Group, a subsidiary of Temasek, will keep its existing 18% stake.

TPG – an asset management firm – which invested in MHE back in 2015 will exit, but will hold a 11% stake via its new Asia fund, TPG Asia VIII. Meanwhile, National Investment & Infrastructure Fund (NIIF) will exit its holding from MHE.

“By re-investing through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal’s mission of bridging the quality healthcare infrastructure gap in the country,” says Puneet Bhatia, Co-Managing Partner of TPG Capital Asia

Reports says that the deal has valued the hospital chain at Rs 40,000 crore ($5 billion) of enterprise value, making this transaction one of the biggest in the Indian healthcare sector.

“We are very glad for Temasek’s acquisition of a significant stake in Manipal Health Enterprises and its support to the management team in building out the platform to its full potential,” Manipal Group Chairman Ranjan Pai said in a statement.