In a major update for Jalandhar's medical fraternity, Fortis Healthcare Limited (FHL) has announced the acquisition of the Jalandhar-based Shrimann Superspeciality Hospital. As per reports, Shrimann Superspeciality Hospital officials have confirmed the acquisition. The agreement was officially signed on Thursday. As per Economic Times, Shrimann Superspeciality Hospital which is a 228-bed hospital has been acquired for 462 crores.
Currently, there are two Fortis hospitals in Ludhiana, and one each in Amritsar and Mohali. This acquisition will be done through Fortis's wholly owned subsidiary, Fortis Hospitals Limited, and will be subject to shareholder approval.
As per the Medical Buyer Report, FHTL would acquire the entire business operations, hospital building of Shrimann Hospital, as well as the underlying hospital land. In addition, an adjunct land parcel for possible future expansion is also being acquired. The transaction will be an all-cash deal for an overall purchase consideration of approx. INR 462 Crores (excluding stamp duty and other regulatory costs) and shall be subject to customary closing adjustments as agreed in the definitive agreements.
As per reports, Jalandhar's Shrimann Hospital is amongst the leading multi-specialty hospitals commissioned in 2018. It has been built on 3 acres of land. It has a capacity of 228 beds (191 beds currently operational) with the capacity to add a further 45 beds total potential bed capacity to more than 270 beds. In addition, the acquisition of the ad parcel of approx. 2.4 acres provides an attractive opportunity to add another 18 in the future taking the overall potential capacity to more than 450 beds.