Fortis Merger with Manipal Expected to be Completed in 1 Year

Fortis Healthcare Ltd hospitals business’ merger into Manipal Hospitals Enterprises is expected to be completed in 10–12 months. The company’s board had approved demerger of its hospitals business, which will be acquired by Manipal Hospitals and TPG capital, along with the sale of 20 percent stake in the diagnostics chain SRL Ltd.

Manipal Hospitals, part of Manipal Education and Medical Group (MEMG), is owned by Dr Ranjan Pai and has been backed by TPG, a leading global alternative asset firm and experienced healthcare investor since 2015. As part of the proposed transaction, Ranjan Pai and TPG will invest `3900 crore into the merged entity.

The combined entity will have pan India presence with 45 hospitals and a bed capacity of over 7658 beds. It will have over 4200 doctors, more than 900 nurses, and 11,400-plus other employees across India.

“We are cooperating with the ongoing SFIO investigations. The merger will take time. The merging of Fortis into Manipal will take between 10 and 12 months.”

Bhavdeep Singh
CEO,
Fortis Healthcare Ltd