Saraf, Khaitan act on Fortis’ ₹462 crore acquisition of Shrimann Superspecialty Hospital

Fortis Hospital Limited, a wholly-owned subsidiary of Fortis Healthcare Limited, has entered into definitive agreements for the acquisition of Shrimann Superspecialty Hospital, Jalandhar from inter alia Shriman Enterprises by way of a slump sale, for an overall purchase consideration of approximately ₹462 crore.

Saraf and Partners and Khaitan & Co represented the parties to this transaction.

Saraf and Partners acted for Fortis Healthcare and its subsidiary Fortis Hospotel on all aspects of the deal including structuring, as well as the drafting, negotiation and finalization of the definitive agreements.

The transaction team was led by Vaibhav Kakkar (Senior Partner), Sahil Arora (Partner) and Debarpan Ghosh (Partner).

The Real Estate team was led by Saroj Jha (Senior Partner).

Khaitan & Co acted for Shriman Enterprises and its partners.

The transaction team consisted of Anand Mehta (Partner), Vaishanshi Bhardwaj (Senior Associate) and Akhil Thomas (Associate) with assistance from Hansaja Pandya (Associate), Khushi Sharma (Associate) and Palak Sanjeev Sheth (Associate).

Shrimann Hospital, commissioned in 2018, is among the leading multi-specialty hospitals in Jalandhar and has an existing capacity of 228 beds (191 beds currently operational), with potential to scale up capacity to over 450 beds. The facility is NABH accredited and offers a complete range of super specialties including key capacities such as cardiac sciences, nephrology, general and laparoscopic surgery, oncology, neurosciences and gastroenterology.

Fortis Healthcare Limited is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates 27 healthcare facilities (including JVs and O&M facilities). The Company’s network comprises approximately 4,700 operational beds (including O&M beds) and 405 diagnostics labs.

The acquisition is in line with Fortis’ cluster-focused inorganic growth strategy and further bolsters Fortis’ network in the state of Punjab, and will enable Fortis to scale up and further delivery quality healthcare services to patients in Jalandhar and the surrounding catchment areas.

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