Fortis Healthcare has successfully completed acquisition of 10 hospitals from Wockhardt Hospitals in Mumbai, Bangalore and Kolkata for a consideration of Rs 909 crore, including Rs 190 crore towards capital work-in-progress for projects under construction. The deal was originally announced on August 24, 2009. With this acquisition, Fortis augmented its bed capacity by 1902 beds and stepped up its presence in Southern, Western and Eastern India. The aggregate bed capacity of Fortis increased to 5180 beds. The acquisition is funded partly by the recently concluded rights issue, internal accruals and debt.

Malvinder Mohan Singh, chairman, Fortis Healthcare and Religare Enterprises, said, “This acquisition is an important milestone in our efforts to establish Fortis in a leadership position in the Indian Healthcare delivery space. We are confident that shared values of Wockhardt Hospitals and Fortis healthcare will form the basis for our continued success in the future.”

“Fortis is now poised to leverage its national footprint and leadership position to take healthcare delivery in India to another level. We will be able to demonstrate the benefit of scale to our customers through quality, cost and accessibility,” said Shivinder Mohan Singh, managing director of Fortis Healthcare.

With the closure of the deal, Fortis has established its presence across India with a network of 39 hospitals. Wockhardt team of clinicians and management will continue in their current roles and Vishal Bali will continue to be the CEO of the acquired business.