India's Fortis Healthcare will buy 10 hospitals from Wockhardt Hospitals for Rs9.1 billion $187 million as it seeks to create a pan-India presence.
Two of the hospitals are currently under construction and the agreed price of Rs9.1 billion includes Rs1.9 billion of capital towards work-in-progress for these two hospitals. Fortis is adding a total of 1,902 beds to its existing bed capacity.
Fortis Healthcare currently has a network of 28 hospitals including 12 satellite and heart command centres with a capacity of around 3,300 beds. The deal is the largest in the hospital sector in India to date.
The acquisition will enhance Fortis's footprint across the country, making it a national player. Fortis is...