The company will acquire land situated adjacent to Fortis Hospital, Anandpur, Kolkata. Artistery has constructed a building thereon which is fully constructed with all statutory compliances in place. With minimal customization and re-layout, it can be utilized for accommodating OPD, diagnostics and day care services, relocated/shifted from the main building of Fortis Anandpur Hospital.

Artistery has been granted a License by Kolkata Metropolitan Development Authority (KMDA) to occupy and use the land for a period of 99 years. The acquisition of Artistery including said land & building shall be subject to the approval of KMDA.

The acquisition of Artistery has authorized by subsidiary of the company, International Hospital (IHL) to acquire the land & building with prior approval of KMDA, by way of transfer of license from Artistery Properties, on terms and conditions as mutually agreed between the parties.

The company has agreed for a new commercial understanding with Artistery whereby it is proposed to change the deal structure through acquisition of Artistery by the company in place of the earlier approved modality of acquisition of land & building under International Hospital (IHL) by way of transfer of license.

The enterprise value of Artistery is Rs 32 crore. All charges by KMDA for change of land use and other levies will be payable extra by the company.

The healthcare company is expected to acquire Artistery within 60 days from the date of execution of definite documents subject to satisfaction of condition precedents enumerated therein.

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 28 healthcare facilities (including JVs and O&M facilities). The company's network comprises approximately 4,500 operational beds (including O&M) and around 410 diagnostics centres.

The healthcare company's consolidated net profit declined 8.6% to Rs 111.76 crore in Q1 FY24 from Rs 122.25 crore recorded in Q1 FY23. Revenue from operations grew by 11.4% year on year to Rs 1,657.41 crore in the quarter ended 30 June 2023.