New Delhi: Fortis Healthcare Ltd. has announced its decision to acquire Shrimann Superspecialty Hospital in Jalandhar, Punjab, for Rs. 462 crore through its wholly-owned subsidiary, Fortis Hospital Ltd. The healthcare company has signed agreements for the acquisition from Shriman Enterprises via a slump sale. The deal, which is subject to shareholder approval, will see Fortis acquire the entire business operations, the hospital building, and the underlying hospital land. Additionally, an adjacent land parcel for future expansion is also part of the transaction.
A Strategic Decision for Fortis’ Future Growth
Dr. Ashutosh Raghuvanshi, Managing Director (MD) & Chief Executive Officer (CEO) of Fortis Healthcare, emphasized the strategic significance of the acquisition. He stated that Fortis has been evaluating various opportunities to expand in existing markets and leverage the benefits of scale and synergies. The addition of Shrimann Hospital, with its 191 operational beds out of a 228-bed capacity, will help Fortis cross the 1,000-bed mark in Punjab.
Fortis’ Expansion Strategy
Shrimann Superspecialty Hospital, an NABH-accredited facility, currently offers super-specialty services in cardiac sciences, nephrology, oncology, neurosciences, gastroenterology, general and laparoscopic surgery. Fortis plans to broaden and strengthen medical specialties at the facility, supported by an experienced team of clinicians.
Over the past three to four years, Fortis has been acquiring smaller hospitals to expand its footprint. It recently acquired a 350-bed hospital in Manesar, Haryana, and a 100% stake in Artistry Properties, which included a land parcel near its Anandpur facility in Kolkata in FY24.
Currently, Fortis operates 27 healthcare facilities across India, including joint ventures and operations & maintenance (O&M) projects, with approximately 4,700 operational beds. This latest acquisition further cements its position as a leading hospital network in the country.
