Fortis Healthcare acquires Medeor Hospital in Manesar for Rs 225 crore

The acquisition fits well with the company’s strategic approach of expanding its presence in focus geographic clusters. 

Acquisition of Medeor Hospital 

Fortis Healthcare has signed definitive agreements with Medeor Hospital and VPS Health Care for the acquisition of a multi-speciality hospital situated in Sector-5, IMT-Manesar, Tehsil & District, Gurgaon, Haryana (Medeor Hospital Manesar) along with all the structures and buildings as well as the movable assets present at Medeor Hospital Manesar, for a lump sum consideration of Rs 225 crore, on such terms and conditions. 

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. 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. 

Stock price movement 

On Thursday, the stock opened at Rs 266.25 and touched a high and low of Rs 269.50 and Rs 264.35 respectively. The BSE group 'A' stock of face value of Rs 10 touched a 52-week high and low of Rs 324.80 and Rs 219.80, respectively. Last one week high and low of the scrip stood at Rs 272.10 and Rs 261.35 respectively. The current market cap of the company is Rs 20,051.69 crore. 

The promoters holding in the company stood at 31.17%, while Institutions and Non-Institutions held 51.39% and 17.44% respectively. 

Company Profile 

Fortis Healthcare was incorporated in February 1996. The company’s first healthcare facility became operational in Mohali, Punjab in 2001. It is a leading integrated healthcare service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and daycare speciality facilities. 

Currently, the company operates its healthcare delivery services in India, Nepal, Dubai and Sri Lanka with 36 healthcare facilities with approximately 4,000 operational beds.