Fortis Healthcare has finalized an agreement to acquire the 228-bed Shrimann Superspecialty Hospital in Jalandhar, Punjab, for ₹462 crore through a slump sale, excluding stamp duty and regulatory costs. The transaction, carried out by Fortis Hospotel Limited (FHTL)—a wholly-owned subsidiary of Fortis Healthcare (FHL)—is subject to shareholder approval and customary closing adjustments.
As part of the deal, FHTL will acquire the hospital’s operations, building, and land, along with an adjacent 2.4-acre plot for potential future expansion. This acquisition aligns with Fortis’ cluster-based growth strategy, strengthening its presence in Punjab, where it already operates in Mohali, Amritsar, and Ludhiana.
Established in 2018, Shrimann Hospital is a leading multi-specialty facility in Jalandhar, NABH-accredited, and spans 3 acres. It currently operates 191 beds, with the capacity to expand to 270 beds. The additional land could further increase capacity to over 450 beds in the future. The hospital specializes in cardiac sciences, nephrology, oncology, neurology, gastroenterology, and general surgery.
For the first nine months of FY25, Shrimann Hospital is expected to generate ₹154 crore in revenue with an EBITDA of ₹36 crore. The acquisition is expected to be completed by March 2025, pending regulatory approvals.
Dr. Ashutosh Raghuvanshi, MD & CEO of Fortis Healthcare, stated that the move supports Fortis’ expansion goals, increasing its bed capacity in Punjab from 800 to over 1,000 beds. He emphasized that the deal will help leverage economies of scale and enhance healthcare services in the region.