The Squeezed Workforce: Private Equity, Work Intensification and Employee Rights (International Journal of Law Management & Humanities)

Summary

• In 2025, PE/VC firms reportedly invested approximately $60 billion in India, nearly 1.5% of India's GDP.p.2
• Acquired hospitals reduced full-time employees by 11.6% and salary expenditure by 16.6% relative to control hospitals, alongside 7.0 additional emergency-department deaths per 10,000 visits (a 13.4% increase).p.3
• KKR's leveraged buyout of RJR Nabisco was valued at roughly $25 billion, with roughly 87% of the price financed by debt and about $2 billion of KKR equity.p.5
• A 2019 study found average job losses of 4.4% in the two years after a private equity buyout, relative to control companies.p.6
• Manipal's hospital network grew from 33 hospitals with 9,520 licensed beds to 49 hospitals with 13,037 licensed beds between 31 March 2024 and 31 March 2026.p.7
• KKR acquired a controlling stake in BMH in July 2024, reported at around 70% for about ₹2,500 crore.p.9
• A minimum-wage claim concerning 36 Manipal hospital employees was contested for several years and left unresolved on its merits.p.8

Key insights

1. PE/VC investment in India reached approximately $60 billion in 2025, nearly 1.5% of GDP.p.2
2. Acquired hospitals cut full-time employees by 11.6% and salary expenditure by 16.6% relative to controls.p.3
3. Emergency-department mortality of Medicare patients rose by 7.0 deaths per 10,000 visits, a 13.4% increase, in acquired hospitals.p.3
4. Roughly 87% of the RJR Nabisco purchase price was debt, while KKR's equity was only about $2 billion.p.5
5. US evidence from a 2019 study shows average job losses of 4.4% in the two years after a private equity buyout.p.6
6. Manipal's IPO of about ₹9,275 crore took place in August 2026.p.7
7. More than 600 nurses at BMH boycotted duty on 9 March 2026, demanding minimum wages and better working conditions.p.9
8. The nurses demanded a minimum basic pay of ₹40,000 a month.p.9