The Manipal Group
of Companies

The Manipal Group, founded by the Pais of Manipal, is a major financial and industrial group in South India, with activities spread over financial services, manufacturing, industry and education.

It was founded by two brothers — the late Dr. TMA Pai and the late Sri Upendra Ananth Pai — in the early part of the century, in 1925. The Syndicate Bank founded by the Pais, later nationalised, is today one of the largest banks in India. The Pais also founded the Canara Mutual Assurance Company, and Maha Rashtra Apex Corporation — a hire-purchase and leasing company started as far back as 1943.

The industries founded by the Pais include a steel plant based on the electric arc furnace route, and Kurlon Limited — the brand leader in rubberised coir mattresses with a 65% market share. The Pais also established a major educational complex in Manipal, now with over 45 institutions attracting students from 27 countries.

Taking advantage of liberalisation, the Group set up Manipal Holdings Limited as a corporate think-tank to scan the environment and plan its domestic and global strategy — overseeing bold corporate plans for expansion and diversification into sunrise sectors and infrastructure.