Fortis Healthcare would pay Rs 32 crore for a 100% stake in Artistery Properties

26 Sep 2023 , 12:18 PM

On Monday, September 25, the healthcare company Fortis Healthcare Ltd announced that its board has given the go-ahead for them to pay Rs 32 crore to acquire a 99.9% share in Artistery Properties Private Ltd (Artistery).

This choice, taken on September 25, 2023, during a meeting, is significant for Fortis Health’s expansion plans, especially for the area around Fortis Hospital, Anandpur, Kolkata.

The consent given by Fortis Health’s shareholders through a postal ballot on August 5, 2022, is what led to the purchase of Artistery.

This directive gave permission to a firm subsidiary, International Hospital Ltd (IHL), to buy land and a building from Artistery Properties Private, pending previous approval from the Kolkata Metropolitan Development Authority (KMDA). The parties concerned mutually agreed on the terms and conditions of this acquisition.

Instead of using the previously authorized modality of IHL acquiring the land and buildings via a license transfer, Fortis Health has now chosen to change the deal structure by directly acquiring Artistery Properties Private itself.

Subject to the satisfaction of the preconditions mentioned in the agreement, it is anticipated that this purchase would close within 60 days of the execution of the definitive agreements.

With a license from KMDA dated March 9, 2007, Artistery Properties Private is authorized to use and occupy the land for 99 years. This site is a crucial asset for Fortis Health’s expansion aspirations because of its advantageous location next to Fortis Hospital, Anandpur, Kolkata.

With minimum customization and reorganization, the building on the property can be converted to house a variety of healthcare facilities, including outpatient departments, diagnostics, and nursery services, enhancing the current services offered by Fortis Hospital in the area.

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