Mumbai: Indira IVF, India’s largest IVF hospital chain, is in discussions to acquire Sabine Hospital and Research Centre, a Kerala-based chain specialising in infertility treatment and mother-and-child care, according to multiple people aware of the development.
The proposed transaction is likely to value CX Partners-owned Sabine at ₹1,200-1,300 crore, said the people. CX Partners had acquired about 54% stake in Sabine in 2024 at a valuation of $100 million (about ₹835 crore).
Indira IVF, backed by Swedish private equity firm EQT Partners, is likely to acquire a 70-75% stake in Sabine, with buying additional stake from the founder.
Investment bank O3 Capital advises CX on its exit plan.
Founded in 2010 by Dr Sabine Sivadasan, Sabine provides healthcare services-including IVF and other fertility treatments, birthing, newborn care and other gynaecological procedures. Sabine Hospital operates two facilities in Kerala, with a total capacity of 300 beds, including 60 neonatal intensive care unit (NICU) beds. The chain conducts more than 6,000 IVF cycles and 3,000 deliveries annually.
Sabine is expected to post a revenue of ₹230-250 crore with an earnings before interest, taxes, depreciation, and amortisation (Ebitda) of ₹70-80 crore in FY 27, added sources.
Indira IVF, which is preparing for a ₹3500-crore initial public offering (IPO), has been on an acquisition spree to strengthen its position in India’s fertility treatment market.
Mails sent to CX Partners, EQT Partners and Sabine Hospital did not elicit any responses till the time of going to press.
Over the last few years, Indira IVF made multiple acquisitions in the fertility space. It acquired Kolkata-based IVF and gynaecology network Abha Surgy Healthcare in April this year. In September last year, it acquired Creation Science IVF, which operates Srishti Hospital, to enter Puducherry market. In June 2025, it acquired Banker IVF to expand footprint in Gujarat.
In March, Nova IVF Fertility-the second largest IVF chain in India- marked its entry into Kerala with acquiring a majority stake in Craft Fertility, a leading fertility chain at a valuation of ₹370 crore.
Nova plans to launch 10 centres across the state over the next 3 to 5 years. It is owned by Asia Healthcare Holdings and led by healthcare industry veteran Vishal Bali, with backing from TPG Growth.
Kerala’s declining fertility rate, estimated at around 1.35-1.7, is among the key factors driving growing interest from national IVF chains in the state.
In 2023, EQT acquired about 60% majority stake in Indira IVF for about ₹6,000 crore. Indira IVF was founded by Dr Ajay Murdia in 1988. With a nation-wide network spanning 200 centers across India, Indira is claimed to have supported over 2,00,000 successful pregnancies.
