Fortis To Acquire Bengaluru-Based People Tree Hospital For Rs 430 Crore
The said acquisition would be undertaken by Fortis' wholly-owned subsidiary International Hospital Limited (IHL).
Fortis Healthcare on Saturday said it has inked a pact to acquire Bengaluru-based People Tree Hospital for Rs 430 crore.
The company has signed definitive agreements for the acquisition of the 125-bedded hospital in Yeshwanthpur, Bengaluru, by way of a 100% acquisition of TMI Healthcare Pvt. Ltd., the entity under which the People Tree Hospital business operates.
The said acquisition would be undertaken by Fortis' wholly-owned subsidiary International Hospital Limited (IHL), it said in a statement.
The healthcare provider said an additional investment of Rs 410 crore is planned over the next three years in the facility to further augment bed infrastructure, medical equipment and clinical programmes, including radiation oncology, it added.
The acquisition of the adjacent land parcel of 0.8 acres provides the company with the potential to expand bed capacity to over 300 beds, it stated.
"The acquisition is in line with our vision to expand our footprint in focused clusters and enables us to leverage the benefits of scale and synergies," Fortis Healthcare MD and CEO Ashutosh Raghuvanshi stated.
The acquisition is a strategically important addition and will further strengthen the company's position in the Bengaluru market, he added.
Fortis already has a significant presence with seven facilities in the city, with the potential to scale up to over 1,500 beds from 900 beds currently, Raghuvanshi said.
