Fortis to acquire 350-bed Medeor Hospital in Gurugram

Gurugram: Fortis Healthcare Limited has announced today that it has signed definitive agreements with the VPS Group for the acquisition of its Medeor Hospital in Manesar, Haryana. The acquisition will cost Fortis an overall of Rs 225 crore. The hospital has a potential bed capacity of 350 beds and can be made operational in a phased manner in approximately 9 months.

The transaction entails the purchase of land, buildings, and movable assets of Medeor Hospital in Manesar, Gurugram, owned by Medeor Hospitals Limited, and is expected to close by the end of July 2023, subject to the completion of certain conditions precedent as stipulated in the definitive agreements, informed Fortis. The transaction will be funded through a mix of debt and internal accruals.

Emphasising that the company has been evaluating various acquisition opportunities to expand its presence in its existing markets and to enable it to leverage the benefits of scale and synergies, Dr Ashutosh Raghuvanshi, MD & CEO, Fortis Healthcare Limited, said, "We believe this is a good strategic fit as we already have a significant presence in Gurugram with our flagship facility, the 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."

Fortis believes that the acquisition fits well with the company’s strategic approach of expanding its presence in focus geographic clusters, including Delhi NCR. The acquisition is aimed at enabling the company to deliver quality healthcare services to patients in the upcoming areas of new Gurgaon, the Dwarka Expressway, IMT Manesar, and National Highway 48.

"We endeavour 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," added Dr Raghuvanshi.

The hospital chain claims that patients from across Rewari, Mahendargarh, Bhiwadi, Pataudi, Farukh Nagar, and other areas in the vicinity could be additionally benefited because of its easy accessibility.