Fortis completes acquisition of Wockhardt hospitals

Fortis Healthcare today said it has completed the acquisition of 10 Wockhardt hospitals in metro cities of Mumbai, Bangalore and Kolkata for Rs 909 crore.

Fortis completes the acquisition of greenfield hospitals division of Wockhardt Hospitals comprising 10 hospitals in metro cities of Mumbai, Bangalore and Kolkata (including two under construction) for Rs 909 crore, on a going-concern basis, Fortis said in a statement.

The acquisition was made under a wholly-owned subsidiary, Fortis Hospitals and was funded partly by the recently concluded rights issue, internal accruals and debt.

The acquisition expanded Fortis bed capacity by 1,902 (including 534 beds in two under construction projects) and provides significant presence in south, west and east India. The aggregate bed capacity of Fortis Network now stand at 5,180 beds, the company said.

"Fortis is now poised to leverage its national footprint and leadership position to take healthcare delivery in India to another level. We will be able to demonstrate the benefit of scale to our customers through quality, cost and accessibility," Fortis Healthcare Managing Director Shivinder Mohan Singh.

With the addition of the 10 Wockhardt hospitals, Fortis would now have six hospitals in Bangalore, four in Mumbai and three in Kolkatta apart from a vast presence in national capital region and a major facility in Chennai.

"We are confident that shared values of Wockhardt Hospitals and Fortis Healthcare will form the basis for our continued success in the future," Fortis Healthcare and Religare Enterprises Group Chairman Malvinder Mohan Singh said.

Earlier in August, Fortis executed a biding deal with Wockhardt Hospitals to acquire the latter's 10 hospitals.