Fortis signs 15-year lease for Greater Noida hospital
The company was earlier managing the facility under an Operations and Management (O&M) arrangement and will now continue to run it as Fortis Hospital, Greater Noida.
Fortis Healthcare has entered into a 15-year lease agreement with RR Lifesciences to operate a 200-bed, fully functional multi-specialty hospital in Greater Noida. The company was earlier managing the facility under an Operations and Management (O&M) arrangement and will now continue to run it as Fortis Hospital, Greater Noida.
According to a stock exchange filing, the agreement has been executed through International Hospital Limited (IHL), a wholly owned subsidiary of Fortis. IHL has signed a sub-lease with R.R. Lifesciences Pvt Ltd, with a tripartite agreement also to be executed with the Uttar Pradesh Industrial Development Authority (UPSIDA).
Lease details and expansion scope
As per the filing, Fortis will pay a monthly consideration of INR 2.4 crore plus applicable GST to R.R. Lifesciences. The lease provides the company access to the hospital land, building, and equipment. The 15-year lease has been approved by UPSIDA and may be renewed further.
Under this arrangement, Fortis will assume complete operational and financial control of the facility, which also has scope for adding 50 more beds within the existing infrastructure.
Commenting on the development, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare Limited, said, “Greater Noida is emerging as an important hub, driven by urbanization, industrial growth, and rising patient demand… and with this expansion, we are reinforcing Fortis’ leadership in the region.”
He further added, “Our focus will remain on delivering high-quality, ethical, and patient-centric care while exploring opportunities for further growth.”
