Fortis to sell Chennai's Malar Hospital to MGM Healthcare
November 24, 2023  21:54
Representational image
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.
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