Saraf and Partners acts on sale by Fortis Healthcare of its hospital situated at Vadapalani, Chennai to Kauvery Hospitals
Fortis Healthcare Limited has entered into a definitive agreement with Sri Kauvery Medical Care (India) Limited for sale of its hospital (together with its business operations) situated at Arcot Road, Vadapalani, Chennai, Tamil Nadu, for a consideration of USD 18.5 million/INR 152 crores.The Arcot Road Hospital which is located on leased premises currently has 110 operational beds with a potential to scale up to 200 beds.
Saraf and Partners acted for Fortis Healthcare on all aspects of the deal including structuring of the deal as well as the drafting, negotiation and finalization of the transaction documentation. Vaibhav Kakkar (Senior Partner) and Sahil Arora (Partner) led the transaction team. The transaction team also consisted of Keshav Pareek (Senior Associate), Paayas Pandit (Associate) and Niharika Rozwal (Associate).
The team was ably supported by the real estate team led by Saroj Kumar Jha (Senior Partner) and Vikram Gupta (Principal Associate).
The aforesaid divestment and sale of Arcot Road Hospital is part of Fortis Healthcare’s ongoing portfolio rationalization strategy in order to focus on deepening its presence in select geographic clusters where it has a sizeable presence. For Kauvery, the acquisition is in line with its strategy to further expand its presence in Chennai.
Khaitan and Co. acted for Sri Kauvery Medical Care (India) Limited.