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The transaction entails the purchase of land, building and movable assets of Medeor Hospital in Manesar, Gurugram, owned by Medeor Hospitals and is expected to close by end of July 2023, subject to the completion of certain conditions precedent as stipulated in the definitive agreements. The transaction will be funded through a mix of debt and internal accruals.
The acquisition fits well with the company's strategic approach of expanding its presence in focus geographic clusters, including Delhi NCR.
The acquisition will enable the company to deliver quality healthcare services to patients in the upcoming areas of New Gurgaon, Dwarka Expressway, IMT Manesar and National Highway 48. The hospital is easily accessible from these areas and can additionally benefit patients from across Rewari, Mahendargarh, Bhiwadi, Pataudi, Farukh Nagar and other areas in the vicinity.
Further, Medeor Hospital Manesar has a potential bed capacity of approximately 350 beds and can be operationalized in a phased manner in approximately 9 months.
Ashutosh Raghuvanshi, mananging director (MD) and chief executive officer (CEO) of the company, 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.”
Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates 27 healthcare facilities (including JVs and O&M facilities). The company's network comprises approximately 4,300 operational beds and approx. 400 diagnostics centres.
Fortis Healthcare reported 11% rise in consolidated net profit to Rs 129.56 crore on 6.4% increase in revenue from operations to Rs 1559.88 crore in Q3 FY23 over Q3 FY22.
The scrip was up 0.47% to Rs 268.55 on the BSE.
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