Healthcare services provider Fortis Healthcare Ltd is set to acquire Jalandhar-based Shrimann Superspeciality Hospital in a Rs 462-crore ($53.2 million) deal.
The all-cash deal will help Fortis Healthcare expand its footprint to 1,000 beds across five facilities in Punjab, the healthcare major said in an exchange filing.
Along with the operational hospital, the company will also acquire the 3-acre land site on which it has been constructed, as well as another 2.4-acre land parcel that will potentially help it expand its operations in the future, Fortis Healthcare said.
The company will spend Rs 423.4 crore to acquire the business operations, and will spend an additional Rs 21.6 crore and Rs 16.9 crore for the two land parcels.
Set up in 2018, Shrimann Superspeciality Hospital is a multi-speciality facility in Jalandhar. It currently operates with 191 beds and has the capacity to scale it to 270. The additional land being acquired will potentially help Fortis Healthcare expand the capacity to 450 beds in the future.
Shrimann Superspeciality Hospital is owned and operated by Shriman Enterprises, a partnership firm whose partners include Dr. Ved Prakash Sharma, Dr. Harmeet Paul Singh, Aarti Bhatia and Dr. Deepali Marwaha, Fortis Healthcare said. In 2023-24, Shriman Enterprises clocked a revenue of Rs 137.4 crore.
Shrimann Superspeciality Hospital houses a range of specialised departments such as cardiac sciences, nephrology, general and laparoscopic surgery, oncology, neurosciences and gastroenterology.
The latest acquisition will expand Fortis' presence in Punjab’s key cities, including Mohali, Amritsar and Ludhiana. At present, Fortis manages 27 healthcare facilities, including joint ventures, and operations & management facilities, across India. These facilities comprise 4,700 operational beds and 405 diagnostic labs.
