Fortis Healthcare to Acquire Shrimann Superspecialty Hospital for INR 462 Cr
This deal involves the purchase of the 228-bed facility, which has the potential to grow to over 450 beds, through Fortis Hospital Limited, its wholly-owned subsidiary, pending shareholder approval.
Fortis Healthcare has announced its acquisition of Shrimann Superspecialty Hospital in Jalandhar for INR 462 crore, significantly expanding its footprint in Punjab.
This deal involves the purchase of the 228-bed facility, which has the potential to grow to over 450 beds, through Fortis Hospital Limited, its wholly-owned subsidiary, pending shareholder approval.
The all-cash transaction, which excludes stamp duty and regulatory fees, includes the hospital building, its operations, and an additional 2.4-acre parcel of land for future development.
This move aligns with Fortis' cluster-focused expansion strategy, bolstering its presence in Punjab, where it currently operates in Mohali, Amritsar, and Ludhiana.
Established in 2018, Shrimann Hospital is a NABH-accredited multi-specialty facility that provides services in cardiac sciences, nephrology, oncology, neurology, gastroenterology, and general surgery. For the fiscal year 2024-25, the hospital is projected to generate INR 154 Cr in revenue with an EBITDA of INR 36 Cr.
Fortis Healthcare aims to increase its bed capacity to over 1,000 in Punjab through this acquisition. The transaction is expected to be completed by March 2025, subject to regulatory approvals.
