Fortis Healthcare Limited (FHL), one of India’s leading healthcare providers, has announced its acquisition of Shrimann Superspecialty Hospital in Jalandhar. This strategic move will enhance Fortis’ presence in Punjab, bringing its total bed capacity in the state to over 1,000 across five facilities. The acquisition will be carried out through Fortis’ wholly owned subsidiary, Fortis Hospital Limited (FHTL), and is subject to shareholder approval.
As per provisional close, the share price of Fortis Healthcare has settled at ₹603.85 on February 14, 2025.
The transaction, valued at approximately ₹462 crore (excluding stamp duty and other regulatory costs), will be an all-cash deal. As part of the agreement, Fortis will acquire not just the operational hospital but also the land on which it stands, along with an additional parcel of land for potential future expansion. The deal aligns with Fortis’ strategy of expanding its footprint in key regional clusters.
Established in 2018, Shrimann Superspecialty Hospital is a leading multi-specialty facility in Jalandhar. Situated on a 3-acre site, it currently operates 191 beds, with a capacity to scale up to 270 beds. Furthermore, with the acquisition of an additional 2.4-acre land parcel, the hospital has the potential to expand to over 450 beds in the future.
The facility is accredited by the National Accreditation Board for Hospitals & Healthcare Providers (NABH) and offers a wide range of medical services, including cardiology, nephrology, oncology, neurology, general and laparoscopic surgery, and gastroenterology. For the financial year 2024-25 (based on annualised nine-month figures), the hospital is expected to generate revenue of approximately ₹154 crore, with an EBITDA of ₹36 crore.
Dr Ashutosh Raghuvanshi, MD & 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 acquisition is a good strategic fit as we already have a significant presence in Punjab with ~800 beds across four facilities. The transaction will allow us to capitalize on market opportunities as we expand to more than 1000 beds and further strengthen our market presence in the region. We endeavour to broaden and further strengthen the spectrum of the medical specialities at this facility and deliver exceptional clinical care ably supported by an experienced team of clinicians.”
The transaction is expected to be finalised by the end of March 2025, subject to regulatory approvals and fulfilment of customary conditions outlined in the definitive agreements.
Fortis Healthcare Limited is a prominent integrated healthcare provider in India, operating across multiple verticals, including hospitals, diagnostics, and day-care speciality services. The company currently manages 27 healthcare facilities (including joint ventures and operations & management facilities), with a network comprising around 4,700 operational beds and 405 diagnostic labs.
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Published on: Feb 14, 2025, 4:06 PM IST
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