Fortis to spend $500 mn for expansions

Fortis to spend $500 mn for expansions

New Delhi: “Fortis Healthcare has earmarked a fund of around $500 million for acquisitions and is soon going to add one more hospital to its kitty," a top official of the company said.

“The group has earmarked a fund of around half a billion dollar, which would be spent mainly on acquisitions," Fortis Healthcare CEO and MD Shivinder Singh said without giving any time span.

Earlier, the company had said it is going to acquire one hospital of the size of 100-200 bed.

“We are in advance stage of negotiation for acquiring one more hospital, which the company will announce by mid-December this year," Singh said.

Speaking about the size of deal, he said: We are looking at a price of Rs50-75 lakh per bed".

When asked about the sourcing of the fund, Singh said that it will be through mix of debt and internal accruals.

The company also announced the opening of ‘in vitro fertilisation centre’ at its hospital Fortis La Femme here.