Fortis to sell Chennai's Malar Hospital to MGM Healthcare

November 24, 2023 21:54

Representational image

Fortis Healthcare Ltd on Friday said it will sell Fortis Malar Hospital in Chennai, along with land and building assets, for over Rs 128 crore to MGM Healthcare Pvt Ltd.

In a regulatory filing, Fortis Healthcare said its certain subsidiaries have signed definitive agreements for sale of the business operations, along with land and building assets, pertaining to Fortis Malar Hospital situated at Gandhi Nagar, Adyar Chennai, to MGM Healthcare (MGM), a prominent healthcare delivery service provider.

The total sale consideration is about Rs 128 crore, it added.

The transaction comprises the divestment of the business operations of Fortis Malar Hospital, residing in the listed arm Fortis Malar Hospitals Ltd in which Fortis Healthcare owns a 62.7 per cent equity stake.

Also, it includes the sale of OPD and radiology business operations related to the Fortis Malar Hospital, including the land and building on which Fortis Malar Hospital is situated and the land parcel adjacent, all of which are residing in Fortis Health Management Ltd (FHML) -- a wholly owned arm, it added.

Besides, the transaction also covers the sale of an adjacent land parcel currently used as a parking premise, residing in Hospitalia Eastern Pvt Ltd (HEPL), which is also a fully-owned arm, Fortis Healthcare said.

« Back to LIVE

TOP STORIES

Paralympics: Rubina wins 10m Air Pistol SH1 bronze

Rubina Francis won a bronze medal in the women's air pistol SH1 event final to continue the strong show from the country's shooters in the Paris Paralympics on Saturday.

US Open PICS: Sinner whips O'Connell to make Round 4

World number one Jannik Sinner's bid for a second Grand Slam title continued to gain momentum as he thumped Christopher O'Connell 6-1, 6-4, 6-2 on Saturday to reach the US Open fourth round.

In Pictures - Haaland 'trick' earns Man City win at West Ham

A summary of Saturday's action in the English Premier League.

Paris Paralympics: How India fared on August 31, 2024

Para shooter Rubina Francis lights up India's day with bronze at Paris Paralympics on Saturday.

Norris leads McLaren front-row sweep with Monza pole

Lando Norris roared to his second successive pole position, and third in four races, in a McLaren front row sweep with team mate Oscar Piastri