Fortis buys 10 Wockhardt hospitals for Rs 909cr

[sajiv]

Fortis buys 10 Wockhardt hospitals for Rs 909cr

Fortis, India's biggest listed healthcare provider, on Monday, Aug 24 announced that it has acquired 10 hospitals from Wockhardt for Rs 909 crore.

Fortis said in a statement that this deal is expected to be completed by the end of 2009.

Sources said that with this acquisition, Fortis will have a capacity of 5,180 beds.

Fortis already operates 28 hospitals across the country and had bought Escorts in 2005 for over Rs 585 crore.

Fortis Healthcare Ltd Managing Director Shivinder Mohan Singh said, "The coming together of three brands -- Fortis, Escorts and now Wockhardt -- will provide the needed impetus of taking healthcare delivery in our country to the next level."

Under the deal, Fortis will take over eight operating hospitals and two that are under construction from Wockhardt, adding 1,902 beds to the company's hospital capacity.

The 10 Wockhardt hospitals are across three metros-- two in Mumbai, five in Bangalore and three in Kolkata.

Fortis is promoted by chairman Malvinder Mohan Singh. He was Ranbaxy Laboratories Ltd's Chief Executive Officer before the stake sale by his family.

Malvinder singh and Family sold all of there stakes in Ranbaxy to a Japanese pharma company Daiichi Sankyo on 11th June 2008. The deal was finalled at approx 9500+ crore INR.