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Tuesday, October 10, 2006

Fortis to acquire Guru Nanak Hospital for Rs 3 bn

Ranbaxy Group-promoted Fortis Healthcare is likely to acquire Mumbai-based Guru Nanak Hospital & Research Centre for roughly Rs 2-3 billion, reports Business Standard.

Fortis which is planning to raise Rs 7-9 million through an initial public offering (IPO), had made the biggest acquisition in Indian healthcare a year ago when it bought Escorts Heart Institute & Research Centre for Rs 6500 million.

The target this time is a 150-bed general hospital in Bandra, Mumbai, which will provide Fortis a presence beyond north India.

A strategic alliance has been signed between Fortis and Guru Nanak Hospital.

Fortis has been looking for a pan-India presence for some time and it will be replicating the model it followed in Delhi across the country.

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