Fortis to acquire Bengaluru-based People Tree Hospital for ₹430 crore

New Delhi, Dec 20 (PTI) Fortis Healthcare on Saturday said it has signed an agreement to acquire Bengaluru-based People Tree Hospital. ₹430 crore.

The company has signed definitive agreements for the acquisition of the 125-bed hospital in Yeshwanthpur, Bengaluru, through 100 per cent acquisition of TMI Healthcare Pvt Ltd, the entity through which the People Tree Hospital business operates.

In the statement, it was stated that the acquisition in question will be made by International Hospital Limited (IHL), a wholly owned subsidiary of Fortis.

Health organization says additional investment will be made ₹The report stated that the facility is planned to generate 410 billion in revenue over the next three years to further increase bed infrastructure, medical equipment and clinical programs, including radiation oncology.

It was stated that the purchase of the adjacent 0.8-acre land parcel provides the company with the potential to increase its bed capacity to over 300 beds.

“This 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,” said Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare. he said.

He added that the acquisition is a strategically important addition and will further strengthen the company’s position in the Bengaluru market.

Raghuvanshi said Fortis already has a significant presence with seven facilities in the city and has the potential to expand from 900 beds currently to more than 1,500.