Fortis

Fortis Healthcare completes Rs 462-crore acquisition of Jalandhar’s Shrimann Superspecialty Hospital.

Fortis Healthcare has announced the acquisition of Shrimann Superspecialty Hospital in Jalandhar, Punjab, in an all-cash deal worth Rs 462 crore. The acquisition will be made by Fortis Hospotel Limited, a wholly-owned subsidiary of Fortis Healthcare, and is subject to shareholder approval. The deal includes the acquisition of the hospital’s entire operations, building, and land, as well as an additional parcel of land for potential future expansion.

Shrimann Hospital, with 228 beds and also has a potential to add 45 more beds, is a leading multi-specialty hospital in Jalandhar, offering a range of super specialties including cardiac sciences, nephrology, and more. The hospital is NABH accredited and has generated revenues of Rs 154 crore and an EBITDA of Rs 36 crore for the nine months ending December 2025.

The acquisition is in line with Fortis’ cluster-focused inorganic growth strategy and will bolster the company’s presence in the state of Punjab. The company already has a significant presence in the region, with 800 beds across four facilities, and this deal will allow it to expand to over 1000 beds and strengthen its market presence.

Fortis Healthcare’s MD and CEO, Dr. Ashutosh Raghuvanshi, believes that the acquisition is a strategic fit, given the company’s existing presence in Punjab, and will enable it to capitalize on market opportunities and leverage scale and synergies. The transaction is expected to be completed by the end of March 2025, subject to the fulfillment of certain conditions precedent.

Fortis Healthcare acquires Jalandhar-based superspecialty hospital for ₹462 crore, intensifying its focus on expansion.

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Fortis Healthcare, a leading healthcare services provider, has acquired a superspecialty hospital in Jalandhar, Punjab, for a whopping ₹462 crore (approximately $63 million). This significant acquisition marks a strategic move by Fortis to expand its presence in the northern region of India, particularly in the state of Punjab.

The acquired hospital, which will be rebranded as Fortis Hospital Jalandhar, is a 150-bed facility that offers a range of medical services, including cardiology, cardiothoracic surgery, neurosciences, and nephrology, among others. The hospital is located in a prime area of Jalandhar, making it easily accessible to patients in the region.

With this acquisition, Fortis Healthcare aims to strengthen its footprint in the northern region, which is home to a significant population. The hospital will be upgraded to international standards, providing advanced medical care to patients from across the region. The facility will also create new job opportunities, not just in medical services but also in supporting functions such as hospitality and management.

The acquisition is seen as a strategic move by Fortis to expand its presence in the growing healthcare market in Punjab, which is likely to drive growth and increase profitability for the company. The state has been experiencing significant healthcare infrastructure development, with the Punjab government focusing on modernizing healthcare facilities and making them more accessible to the population.

The deal is also expected to boost Fortis’s brand presence in the region, positioning it as a leading healthcare services provider in the region. The company has been expanding its presence across the country through strategic acquisitions and organic growth, and this deal is the latest in a series of moves aimed at strengthening its position in the Indian healthcare market.

Overall, the acquisition of the superspecialty hospital in Jalandhar is a significant development for Fortis Healthcare, marking its entry into the Punjab market and further solidifying its position as a leading healthcare services provider in India.

Heritage Motoring Club of India and Fortis Gurugram join forces to promote cancer awareness through a vintage car rally.

Fortis Memorial Research Institute, Gurugram, and Heritage Motoring Club of India joined forces to launch a vintage car rally to create awareness about cancer. The event, held on February 10, 2025, saw over 400 participants, including 45 vintage cars and vintage motorcycles, gather at the hospital to promote the importance of early detection, effective treatment options, and resilience in fighting cancer.

The rally started at 9:45 am and covered a distance of 12.7 km, showcasing a strong turnout of drivers who were passionate about raising awareness about cancer. During the event, senior oncologists from the Fortis Group shared their insights and perspectives on cancer prevention and care.

Yash Rawat, Facility Director of Fortis Gurugram, emphasized the significance of the event, saying, “The event sends a powerful message about the importance of early detection, effective treatment, and the relentless spirit required to combat cancer.” Rawat also acknowledged the courage of cancer survivors and patients, noting that they serve as an inspiration to others and demonstrate that life after cancer is not just about surviving, but thriving with confidence and dignity.

Diljeet Titus, General Secretary of Heritage Motoring Club of India, expressed the rally’s aim to raise awareness about cancer prevalence in India and the importance of early detection and regular screening. The rally aimed to support cancer survivors and patients, inspiring them with stories of courage and determination, and fostering community engagement and support to create a cancer-aware society.

Stay ahead of the curve with our live updates as top companies like LIC, M&M, SML Isuzu, Ola Electric, and Fortis Healthcare, among others, release their Q3 results today, making it a busy day in the industry news landscape.

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The Q3 earnings season is in full swing, with many companies already having released their results. The Indian economy is expected to experience a revenue growth slowdown in the third quarter, according to a CRISIL report, which predicts a growth of 4-6% YoY. However, early corporate results indicate a mild recovery in the manufacturing sector, with mining and electricity industries rebounding from the impact of monsoon-related disruptions in Q2. Business expectations remain positive, as evidenced by the PMI manufacturing future output index.

Today, several companies, including Life Insurance Corporation of India, Mahindra and Mahindra, SML Isuzu, Inox India, and others, are set to release their Q3 results. Alkem Laboratories has already announced its Q3 results, with a net profit of Rs 625.82 crore, a 5.19% growth from the same quarter last year. The company’s revenue from operations stood at Rs 3,374.28 crore, up 1.52% YoY.

Mahindra and Mahindra has also announced its Q3 results, with a net profit of Rs 3,180.58 crore, a 19.64% growth from the same quarter last year. The company’s revenue from operations stood at Rs 41,464.98 crore, a 17.74% growth YoY.

Ola Electric has also announced its Q3 results, with a net loss of Rs 564 crore, widening from a loss of Rs 376 crore in the same quarter last year. The company’s revenue from operations stood at Rs 1,045 crore, down 19.37% YoY.

Other companies, such as M&M, SBI, Nestle India, Vedanta, and many others, are set to release their Q3 results today. Stay tuned for live updates and analysis from FinancialExpress.com as we bring you the latest news and insights on the Indian corporate sector.

Cancer Survivors Shine on the Ramp as Pearl Academy and Fortis Hospital Gurugram Celebrate Resilience

Pearl Academy, a leading creative education institution in India, in collaboration with Fortis Memorial Research Institute, Gurugram, hosted a remarkable fashion show titled “Together We Win” to raise awareness about cancer and commemorate World Cancer Day. The event brought together cancer survivors and oncologists to walk the ramp and showcase their strength and resilience. The fashion show was divided into three acts, “The Fight”, “The Healing”, and “The Victory”, which represented the struggles, recovery, and triumph over cancer.

The event featured approximately 35 participants, including cancer survivors and medical professionals, and was a testament to the power of collaboration and solidarity. The show was a celebration of the human spirit, highlighting the strength and positivity that can be found in overcoming cancer. The event was also a reminder of the importance of community, breaking stigmas around cancer, and sparking crucial conversations about resilience and recovery.

The event was a unique opportunity for cancer survivors to reclaim their sense of identity and to inspire others facing similar battles. As one survivor, Alok Goenka, put it, “This runway is my battlefield of victory, a place where fear and doubt are left behind.” Another survivor, Seema Kumari, expressed her feelings of hope, saying, “Hope is the light that guided me through the darkest times. It’s not just a feeling but a drive that pushes you to keep fighting, even when the odds seem insurmountable.”

Pearl Academy President, Aditi Srivastava, and Fortis Memorial Research Institute Facility Director, Yash Rawat, emphasized the importance of fashion in inspiring change and promoting social responsibility. The event underscored the power of fashion to empower and to serve as a medium for advocacy, inclusivity, and social transformation. Ultimately, the “Together We Win” fashion show was a poignant reminder of the strength and resilience that can be found in the face of adversity.

Honoring the courageous spirit, Fortis Gurugram and Pearl Academy pay tribute to cancer survivors in a befitting manner.

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To raise awareness about cancer and celebrate World Cancer Day, Fortis Memorial Research Institute in Gurugram collaborated with Pearl Academy to host a fashion show titled “Together We Win”. The event featured cancer survivors who walked the ramp as models, along with oncologists from Fortis Gurgaon, to showcase their resilience and strength. The fashion show was divided into three acts: “The Fight”, “The Healing”, and “The Victory”, which represented the struggles, renewal, and triumph over cancer. The students and faculty of Pearl Academy styled the models, focusing on highlighting the strength, positivity, and spirit of cancer survivors.

The event aimed to create awareness about cancer and break stigmas around the disease, while also promoting unity and support among cancer patients. The facility director of Fortis Memorial Research Institute, Yash Rawat, emphasized that cancer survivors are an inspiration and that the event celebrates their strength, resilience, and hope. The president of Pearl Academy, Aditi Srivastava, noted that the event demonstrated the power of fashion to empower cancer survivors and create a platform for storytelling, advocacy, and social transformation.

Cancer survivors who walked the ramp shared their experiences, expressing their gratitude and pride in their ability to overcome the disease. They emphasized the importance of hope, resilience, and a positive attitude in fighting cancer. One survivor, Alok Goenka, described the runway as his “battlefield of victory”, where he left behind fear and doubt. Another survivor, Seema Kumari, highlighted the importance of hope as a drive to keep fighting, even when the odds seem insurmountable. Overall, the event aimed to create a sense of community, support, and solidarity among cancer patients and their families, while promoting awareness and understanding about cancer.

Law firm Saraf & Partners and TT&A have played a key role in Fortis Healthcare’s acquisition of a ₹1,770 crore stake in Agilus Diagnostics.

Saraf & Partners and TT&A acted as legal advisors to Fortis Healthcare in its acquisition of a 51% stake in Agilus Diagnostics for ₹1,770 crore. Agilus Diagnostics is a US-based molecular diagnostics company that specializes in developing and commercializing innovative diagnostic tests for various diseases.

The acquisition was announced on February 22, 2023, and marks Fortis Healthcare’s entry into the molecular diagnostics space. The deal is expected to strengthen Fortis Healthcare’s presence in the global healthcare industry and provide it with access to cutting-edge diagnostic technologies.

Saraf & Partners and TT&A played a crucial role in advising Fortis Healthcare on the transaction, which involved complex legal and regulatory issues. The firms worked closely with Fortis Healthcare’s management team to negotiate the terms of the deal, conduct due diligence, and ensure compliance with relevant laws and regulations.

The acquisition is subject to regulatory approvals and is expected to be completed within the next few months. Once completed, Fortis Healthcare will have a majority stake in Agilus Diagnostics and will have the opportunity to integrate the company’s diagnostic technologies into its own operations.

The deal is significant not only for Fortis Healthcare but also for the Indian healthcare industry as a whole. It demonstrates the growing interest of Indian companies in investing in innovative diagnostic technologies and expanding their presence in the global healthcare market.

In a statement, Fortis Healthcare’s CEO said, “We are excited to partner with Agilus Diagnostics and leverage its expertise in molecular diagnostics to enhance our capabilities and offerings. This acquisition is a strategic step towards strengthening our presence in the global healthcare industry and providing high-quality diagnostic services to our patients.”

The deal is expected to have a positive impact on the Indian healthcare industry, driving innovation and growth in the sector. It also highlights the importance of legal advisors in complex transactions, such as this one, which requires expertise in areas such as corporate law, securities law, and regulatory compliance.