Fortis completes acquisition of Wockhardt hospitals | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Companies / Fortis completes acquisition of Wockhardt hospitals

Fortis completes acquisition of Wockhardt hospitals

Fortis completes acquisition of Wockhardt hospitals


New Delh: Fortis Healthcare on Friday said it has completed the acquisition of 10 Wockhardt hospitals in metro cities of Mumbai, Bangalore and Kolkata for Rs909 crore.

Fortis completes the acquisition of greenfield hospitals division of Wockhardt Hospitals comprising 10 hospitals in metro cities of Mumbai, Bangalore and Kolkata (including two under construction) for Rs909 crore, on a going-concern basis, Fortis said in a statement.

The acquisition was made under a wholly-owned subsidiary, Fortis Hospitals and was funded partly by the recently concluded rights issue, internal accruals and debt.

The acquisition expanded Fortis bed capacity by 1,902 (including 534 beds in two under construction projects) and provides significant presence in south, west and east India. The aggregate bed capacity of Fortis Network now stand at 5,180 beds, the company said.

“Fortis is now poised to leverage its national footprint and leadership position to take healthcare delivery in India to another level. We will be able to demonstrate the benefit of scale to our customers through quality, cost and accessibility," Fortis Healthcare Managing Director Shivinder Mohan Singh.

With the addition of the 10 Wockhardt hospitals, Fortis would now have six hospitals in Bangalore, four in Mumbai and three in Kolkatta apart from a vast presence in national capital region and a major facility in Chennai.

“We are confident that shared values of Wockhardt Hospitals and Fortis Healthcare will form the basis for our continued success in the future," Fortis Healthcare and Religare Enterprises Group chairman Malvinder Mohan Singh said.

Earlier in August, Fortis executed a biding deal with Wockhardt Hospitals to acquire the latter’s 10 hospitals .

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 18 Dec 2009, 03:04 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App