Fortis to acquire Medeor's 350-bedded Hospital in Manesar Gurugram

The deal will be funded through a mix of debt and internal accruals.

Fortis Healthcare Limited, on April 20, announced it has signed definitive agreements with the VPS Group for the acquisition of its Medeor Hospital in Manesar, Gurugram, Haryana.

The hospital has a potential bed capacity of 350 beds and can be operationalised in a phased manner in nearly 9 months. The transaction entails the purchase of land, building, and movable assets of Medeor Hospital in Manesar, Gurugram, owned by Medeor Hospitals Limited, and is expected to close by end of July 2023, subject to the completion of certain conditions precedent as stipulated in the definitive agreements.

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The transaction will be funded through a mix of debt and internal accruals. The acquisition fits well with the company’s strategic approach of expanding its presence in focus geographic clusters, including Delhi NCR. The acquisition will enable the company to deliver quality healthcare services to patients in the upcoming areas of New Gurgaon, Dwarka Expressway, IMT Manesar, and National Highway 48, it said.

The hospital is easily accessible from these areas and can additionally benefit patients from across Rewari, Mahendargarh, Bhiwadi, Pataudi, Farukh Nagar, and other areas in the vicinity.

Dr Ashutosh Raghuvanshi, MD & CEO of the Company, said the company had been evaluating various acquisition opportunities to expand its presence in the existing markets and enable it 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 and this acquisition will make us the second largest healthcare services provider in Gurugram with over 850 beds, including our ongoing brownfield bed additions in Fortis Memorial,” he said.