Fortis Healthcare Limited said on Friday that it would acquire a Mr. Superspeciality Hospital in Jalandhar, Punjab for Rs 462 crore through his full -ridden subsidiary -Fortis Hosptale.
FHL said in a statement that the Healthcare Company has signed certain agreements for the acquisition of Mr. Hospital with Mr. Enterprises (a partnership firm).
The acquisition will be done by FHL’s full -ridden subsidiary Fortis Hosptell Limited and is subject to FHL shareholder approval.
As part of the transaction, the FHTL will acquire the entire business operations, the hospital building of Srman Hospital as well as the underlying hospital land.
In addition, an auxiliary land parcel is also being achieved for future potential expansion, it has been added.
The company further stated that the transaction would be an all-cost deal for the overall procurement consideration of around Rs 462 crore (except stamp duty and other regulatory costs) and will be subject to customary closing adjustment as agreed in certain agreements.
The acquisition is in line with the company’s cluster-centered inorganic development strategy and further in line with the Bolts Fortis network network in the state of Punjab.
The transaction is terminated by the end of March 2025, subject to the completion of some of the customary conditions prescribed in fixed agreements.
‘We are evaluating various acquisitions to expand our presence in our existing markets and to enable us to avail the benefits of scale and coordination. We believe that this acquisition is a good strategic fit because we already have an important appearance with 800 beds in four facilities in Punjab, ‘FHL MD and CEO Dr. Ashutosh Raghuvanshi said.
The transaction will allow the company to capitalize on market opportunities as it spreads up to more than 1,000 beds and further strengthens the presence of its market in the region, he said.
Raghuvanshi said, “We try to broaden and strengthen the spectrum of medical specialties in this feature and provide extraordinary clinical care supported by an experienced team of clinics.”
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