India-based private hospital network Fortis Healthcare has concluded its acquisition of Medeor Hospital in Manesar, India.
In April this year, the company entered a definitive deal with the VPS Group to buy the hospital for Rs2.25bn ($27.23m).
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The transaction includes all structures, buildings and movable assets at the hospital.
It is in line with Fortis’s plan to expand its footprint in focus geographic clusters such as Delhi NCR.
The hospital chain funded the purchase using a combination of debt and internal accruals.
At the time of the deal’s announcement, Fortis said the hospital could be made operational in phases over a period of almost nine months.
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By GlobalDataIn April, Fortis CEO Dr Ashutosh Raghuvanshi said: “We have been evaluating various acquisition opportunities to expand our presence in our existing markets and to enable us to leverage the benefits of scale and synergies.
“We believe this is a good strategic fit as we already have a significant presence in Gurugram with our flagship facility, 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.”
Medeor Hospital has easy accessibility to areas such as New Gurgaon, Dwarka Expressway, IMT Manesar and National Highway 48.
It can also serve patients across Rewari, Mahendargarh, Farukh Nagar, Bhiwadi and Pataudi.
In June this year, Fortis agreed to sell its hospital business in Vadapalani, India, to Sri Kauvery Medical Care for Rs1.52bn.
The sale is part of Fortis’s portfolio rationalisation plan, which is intended to allow the company to focus on key geographic clusters with a significant footprint.
The Vadapalani facility was commissioned in 2020 and has 110 operational beds, which could potentially be increased to nearly 200.
