M&A
Fortis Healthcare to sell Chennai's Malar Hospital to MGM Healthcare for Rs.128-Cr
Fortis Healthcare Ltd is to sell Fortis Malar Hospital in Adyar, Chennai, and adjacent land parcels to MGM Healthcare Pvt Ltd for about INR 128 crore. The deal is being done through the divestment of the business operations pertaining to Fortis Malar Hospital residing in publicly-listed Fortis Malar Hospitals Ltd, in which Fortis Healthcare owns a 62.7 % equity stake. The OPD and radio diagnostics business operations related to the ospital (including the land and building) and the adjacent land parcels are also being divested by two wholly owned subsidiaries of Fortis Healthcare Ltd – Fortis Health Management Ltd and Hospitalia Eastern Private Ltd to MGM. Malar Hospital is a 140-bed facility and has been facing certain legacy issues, some of which continue to persist.
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