Dec 20 (Reuters) – India’s Fortis Healthcare said on Saturday it will acquire People Tree Hospital in Yeshwantpur, Bengaluru for 4.3 billion rupees ($48.01 million), strengthening its position in the South Indian healthcare market.
The deal would be executed by its wholly owned subsidiary, International Hospital, through a 100% acquisition of TMI Healthcare, the entity under which People Tree Hospital operates, Fortis said in a statement.
The hospitals operator also said it is planning an additional investment of around 4.1 billion rupees over the next 3 years into the facility.
The acquisition provides an opportunity to strengthen its existing operations, enhance revenue and profitability, while simultaneously advancing its planned investment, according to Fortis.
Fortis, partly owned by Malaysia’s IHH Healthcare, runs 33 healthcare facilities with more than 5,700 beds across 11 Indian states, according to its websites.
The company plans to invest 7 billion rupees in the expansion of its hospitals over the next four years, scaling up capacity in Bengaluru, Mumbai, the National Capital Region and Punjab, its CEO Ashutosh Raghuvanshi told Reuters earlier in September.
($1 = 89.5720 Indian rupees)
(Reporting by Chandni Shah in Bengaluru; Editing by Kirsten Donovan)
