Fortis Healthcare to acquire 100% stake in Artistery Properties for Rs 32 crore

This mandate authorised a subsidiary of the company, International Hospital Ltd (IHL), to acquire land and a building, subject to prior approval from the Kolkata Metropolitan Development Authority (KMDA), from Artistery Properties Private. The terms and conditions of this acquisition were mutually agreed upon by the parties involved.

However, Fortis Health has now decided to modify the deal structure by directly acquiring Artistery Properties Private itself, instead of proceeding with the earlier-approved modality of land and building acquisition by IHL via a license transfer.

The anticipated timeline for completing this acquisition is within 60 days from the execution of definitive documents, subject to the fulfillment of the conditions precedent outlined in the agreement.

Artistery Properties Private holds a license from KMDA, dated March 9, 2007, permitting the use and occupancy of land for a period of 99 years. This land is strategically situated adjacent to Fortis Hospital, Anandpur, Kolkata, making it a valuable asset for Fortis Health's expansion plans.

The building on the property, with minimal customisation and re-layout, can be adapted to accommodate various healthcare facilities, including outpatient departments, diagnostics, and daycare services, thus complementing the existing services provided by Fortis Hospital in the region.

Shares of Fortis Healthcare Ltd ended at Rs 333.00, down by Rs 1.75, or 0.53 percent on the BSE.