Fortis Healthcare Limited on Thursday stated that it had signed legal agreements with the VPS Group for the purchase of the Medeor Hospital in Manesar, Gurugram, Haryana, for a total purchase price of Rs. 225 crores. The hospital in Manesar can be operationalised in stages over the course of 9 months and has a maximum bed capacity of 350.

The purchase of the land, building, and movable assets of the Medeor Hospital in Manesar, Gurugram, owned by Medeor Hospitals Limited, was announced to Indian stock exchanges by Fortis Healthcare Ltd. The transaction is expected to close by the end of July 2023, subject to the satisfaction of certain preconditions outlined in the definitive agreements. A combination of loans and internal accruals will be used to finance the transaction.

Speaking on the development, Dr Ashutosh Raghuvanshi, MD & CEO at Fortis Healthcare said, “We have been evaluating various acquisition opportunities to expand our presence in our existing markets and to enable us to leverage the benefits of scale and synergies. We believe this is a good strategic fit as we already have a significant presence in Gurugram with our flagship facility, Fortis Memorial Research Institute (FMRI). This acquisition will make us the second largest healthcare services provider in Gurugram with over 850 beds, including our ongoing brownfield bed additions in FMRI. We endeavor to offer the entire spectrum of medical specialties at our new facility, ably supported by our experienced team of clinicians, and deliver exceptional clinical care.”

The acquisition is in line with the company’s strategic plan to increase its footprint in key geographic clusters, such as Delhi NCR. With the acquisition, the business will be able to provide patients in the burgeoning communities of New Gurgaon, Dwarka Motorway, IMT Manesar, and National Highway 48 with high-quality healthcare services. These localities may easily access the hospital, which also serves residents of nearby Rewari, Mahendargarh, Bhiwadi, Pataudi, Farukh Nagar, and other areas.

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