In a significant move aimed at bolstering its presence in Punjab, Fortis Healthcare Limited has announced the acquisition of Shrimann Superspecialty Hospital, Jalandhar, for ₹462 crore. This acquisition, executed through Fortis Hospital Limited—a wholly-owned subsidiary of Fortis Healthcare—aligns with the company’s cluster-focused inorganic growth strategy, taking its Punjab bed count to over 1,000.

The acquisition will be executed through a slump sale from Shriman Enterprises, with Fortis acquiring the entire business operations, hospital building, and the underlying land of Shrimann Superspecialty Hospital. An adjunct land parcel of approximately 2.4 acres is also part of the deal, offering the potential for future expansion.

Saraf and Partners acted as legal advisors for Fortis Healthcare and its subsidiary, Fortis Hospotel, overseeing the deal’s structuring, drafting, negotiation, and finalization of definitive agreements. The transaction team was led by Senior Partner Vaibhav Kakkar, alongside Partners Sahil Arora and Debarpan Ghosh, while the real estate aspects were handled by Senior Partner Saroj Jha. On the other hand, Khaitan & Co represented Shriman Enterprises and its partners.

Commissioned in 2018, Shrimann Superspecialty Hospital is a NABH-accredited facility offering a comprehensive range of super specialties, including cardiac sciences, nephrology, general and laparoscopic surgery, oncology, neurosciences, and gastroenterology. The hospital currently operates 191 of its 228-bed capacity, with the potential to scale up to over 270 beds in the short term.

The acquisition includes the adjunct land parcel, which provides an opportunity to add another 180 beds in the future, bringing the overall potential capacity to 450 beds. This expansion aligns with Fortis’ aim to leverage scale and synergies in existing markets.

Fortis’ Expansion Strategy

Fortis Healthcare currently operates 27 healthcare facilities, including joint ventures and operations and maintenance (O&M) facilities, with approximately 4,700 operational beds across India. In Punjab, the company presently operates two hospitals in Ludhiana and one each in Amritsar and Mohali, accounting for 772 beds. With the Shrimann acquisition, Fortis’ Punjab bed count will exceed 1,000.

Ashutosh Raghuvanshi, Managing Director and CEO of Fortis Healthcare, emphasized the strategic significance of the acquisition, stating, “The transaction will allow us to capitalize on market opportunities as we expand to more than 1,000 beds and further strengthen our market presence in the region.”

Fortis has been actively pursuing smaller acquisitions over the past few years to expand its footprint. In FY24, the company acquired a 350-bed hospital in Manesar, Haryana, and a 100% stake in Artistery Properties, which included a land parcel near Fortis’ Anandapur facility in Kolkata.

Also Read: Narayana Hrudayalaya’s ₹1,500 Crore Investment to Boost Healthcare Infrastructure

The acquisition, subject to shareholder approval, is expected to be completed by the end of March 2025. Upon completion, Fortis will not only enhance its healthcare delivery network in Punjab but also strengthen its capacity to provide quality healthcare services to Jalandhar and the surrounding regions. This acquisition marks yet another milestone in Fortis’ ongoing efforts to expand its healthcare footprint and underscores its commitment to enhancing patient care through strategic growth initiatives.

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