Fortis completes acquisition of Wockhardt hospitals

Fortis Healthcare on Friday said it has completed the acquisition of 10 Wockhardt hospitals in metro cities of Mumbai, Bangalore and Kolkata for Rs 909 crore  on a going-concern basis.

The acquisition was made under a wholly-owned subsidiary, Fortis Hospitals and was funded partly by the recently concluded rights issue, internal accruals and debt.  The acquisition expanded Fortis bed capacity by 1,902 (including 534 beds in two under construction projects) and provides significant presence in south, west and east India. The aggregate bed capacity of Fortis Network now stands at 5,180 beds.

With the addition of the 10 Wockhardt hospitals, Fortis would now have six hospitals in Bangalore, four in Mumbai and three in Kolkatta apart from a vast presence in national capital region and a major facility in Chennai.