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With the approval being received from the board of directors, leading hospital chain Fortis Healthcare is all ready to acquire 10 of the Wockhardt’s hospitals at Bangalore, Mumbai and Kolkata. The terms of acquisition have not been disclosed.
The in-principle, broad terms as well as the conditions for the acquisitions of the Wockhardt hospital have been approved by Fortis Healthcare’s board during a meeting which had been held on Monday. The 10 Wockhardt hospitals come with an aggregate bed capacity of 1902. This information had been disclosed in a filing to the Bombay Stock Exchange.
Fortis has further authorized the top management to finalise and execute the business transfer agreement with Wockhardt Hospitals. These hospitals will be acquired on a continuous basis through one of Fortis’ wholly-owned subsidiaries, the filing added.
According to sources, the deal lies in the range of Rs 1,000-Rs. 1,200 crore which is for 10 of Wockhardt’s hospitals - three in Kolkata, two in Mumbai and five in Bangalore.
Fortis currently has 28 hospitals in its kitty with around 3,300 beds and has set a target of 40 hospitals - about 7,000-bed capacity-by 2011.
The total bed capacity of Fortis would go up to over 5200 beds, with an addition of 1902 beds.
Wockhardt had plans to list the hospital business but due to adverse market conditions, it shelved the idea of coming up with an IPO.
