Fortis Healthcare Ltd., one of India's leading chain of private hospitals with a network of 28 hospitals (including 12 satellite and heart command centers) and Wockhardt Hospitals Limited today announced the execution of a definitive agreement providing for purchase of eight operating hospitals and two hospital projects under construction.
The business transfer is expected to be completed by end of December 2009 upon the fulfillment of agreed conditions precedent.This makes it the largest deal in the healthcare sector till date. Prior to this deal, the largest healthcare acquisition was of Escorts Heart Institute, also acquired by Fortis Healthcare ltd in the year 2005.
The acquisition will enhance Fortis' footprint in southern, western and eastern India, thereby strengthening the Fortis brand as one of the leading healthcare service providers in the country.
Malvinder Mohan Singh, Group Chairman Fortis and Religare Enterprises said: "This landmark deal is an important milestone in the history of Indian healthcare as it brings together two leading brands to create a national healthcare delivery network. This partnership will enable the vast pool of medical talent and quality healthcare infrastructure under the Fortis network to deliver a superior value proposition to the citizens of our country! "
Fortis Healthcare to Build 28 Hospitals Across India
Fortis Healthcare, promoted by pharmaceutical major Ranbaxy, will invest at least $500 million to build 28 hospitals across the country
Fortis Healthcare, promoted by pharmaceutical major Ranbaxy, will invest at least $500 million to build 28 hospitals across the country
This acquisition will augment the bed capacity by 1902 beds (including 534 beds in 2 Greenfield projects). With this acquisition, the aggregate bed capacity of the Fortis Network shall stand at ~ 5180 beds spread over 38 hospitals.
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Fortis Plans Multi-speciality Hospital in Jaipur
Fortis Healthcare plans to set up a super speciality hospital in Jaipur as part of its initiative to expand its operations in Rajasthan.
Fortis Healthcare plans to set up a super speciality hospital in Jaipur as part of its initiative to expand its operations in Rajasthan.
Post this acquisition, Fortis' will have a talent pool of 9250 personnel including 1575 plus doctors and 5000 nurses and paramedics.
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Manipal Group Treads Into Indian Healthcare Retail
The Manipal Group is putting in its share of 5O crore rupees into the $12-billion organized retail mart, under the brand name Manipal Cure and Care (MCC).
The Manipal Group is putting in its share of 5O crore rupees into the $12-billion organized retail mart, under the brand name Manipal Cure and Care (MCC).
Source-ANI
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