Fortis Healthcare Ltd., said its board had approved, in principle, the terms and conditions for acquisition of ten hospitals, including 2 greenfield under construction, from Wockhardt Hospitals Ltd, promoted by the founders of Wockhardt Ltd., for a consideration of Rs.909 crore. This includes Rs.190 crore as capital work in progress for ongoing projects.
The ten hospitals are spread across metros in three states--two in Mumbai, five in Bengaluru, and three in Kolkata--and these will be acquired on a going-concern basis through one of its wholly-owned subsidiaries. The deal includes two JCI-accredited hospitals at Mulund in Mumbai and Banerghatta Road in Bangalore.
Fortis and Wockhardt Hospitals announced the implementation of a definitive agreement providing for the purchase of eight operating hospitals and two hospital projects under construction. The business transfer is expected to be completed by the year-end.
The acquisition will result in an addition of 1,902 beds (including 534 in the two Greenfield projects) taking the aggregate bed-capacity of the Fortis network to 5,180, post the deal, spread over 38 hospitals.
The acquisition is expected to provide operating synergies and unleash new opportunities for growth, apart from ensuring a pan-India presence to Fortis. It will also enhance the company's footprint in Southern, Western and Eastern parts of the country, thereby strengthening its brand as one of the leading healthcare service providers, the company asserted.
Earlier this month, Fortis approved a rights issue to raise Rs,997 crore, much of it to fund expansion.
This acquisition makes the largest deal in the healthcare sector till date. In 2005, Fortis acquired 90% stake in Escorts Heart Research Institute in Delhi for around Rs.585 crore.
Post acquisition, Fortis will have 9,250 personnel, including 1,575 doctors and 5,000 nurses and para-medics.
Fortis has a network of 28 hospitals in its kitty, with around 3,300 beds. Its target is 40 hospitals--around 7,000-bed capacity--by 2011.
Malvinder Mohan Singh, Group Chairman Fortis and Religare Enterprises, said at a press conference held in this connection: "This landmark deal is an important milestone in the history of Indian healthcare and it brings together two leading brands to create a national healthcare delivery network. This partnership will enable the vast pool of medical talent and quality healthcare infrastructure under the Fortis network to deliver a superior value proposition to the citizens of our country."
At the BSE, Fortis Healthcare closed Monday's trading at Rs.116.05 , up by Rs.7.15 or 6.57% on a volume of 35.91 lakh shares. The stock hit an intraday high of Rs.121.35 and a low of Rs.112.45.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.