Fortis Healthcare on Saturday said it has entered into a pact to fully acquire the 125-bedded Bengaluru-based People Tree Hospital.
The company said it signed definitive agreements with TMI Healthcare Pvt Ltd for the ₹430-crore deal for the hospital in Yeshwanthpur, Bengaluru. The People Tree Hospital business operates under TMI Healthcare Pvt Ltd.
The said acquisition would be undertaken by Fortis’ wholly-owned subsidiary International Hospital Limited (IHL), Fortis said in a statement.
“The acquisition is in line with our vision to expand our footprint in focused clusters and enables us to leverage the benefits of scale and synergies,” Fortis Healthcare MD and CEO, Ashutosh Raghuvanshi stated.
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The healthcare provider said an additional investment of ₹410 crore is planned over the next three years in the facility to further augment bed infrastructure, medical equipment and clinical programmes, including radiation oncology.
The acquisition of the adjacent land parcel of 0.8 acres provides the company with the potential to expand bed capacity to over 300 beds, the company stated, adding that the deal is a strategically important addition that will further strengthen the company’s position in the Bengaluru market.
Fortis already has a significant presence with seven facilities in the city, with the potential to scale up to over 1,500 beds from 900 beds currently, Raghuvanshi said.
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