Fortis Healthcare has agreed to buy Manesar-based Medeor Hospital from the VPS Group. The healthcare conglomerate announced that it has signed definitive agreements to buy Medeor Hospital for an aggregate purchase price of Rs 225 crore.

The hospital has a capacity of 350 beds and may be operationalized in phases over the course of nine months. The transaction involves the purchase of Medeor's land, building, and mobile assets, and it is projected to close by the end of July 2023, subject to the satisfaction of certain conditions precedent as specified in the definitive agreements.

According to Fortis Healthcare, the purchase will be funded through a combination of loans and internal accruals. The acquisition, according to the company, fits nicely with its strategic approach of extending its footprint in priority geographic clusters such as Delhi-NCR.

According to the company, the acquisition will allow the hospital chain to provide services to patients in the emerging districts of New Gurgaon, Dwarka Motorway, and IMT Manesar.

 The healthcare provider said that the hospital is conveniently accessible from these places and can also assist patients from Rewari, Mahendragarh, Bhiwadi, Pataudi, Farukh Nagar, and other nearby areas. On the BSE, Fortis Healthcare shares were trading 0.34 per cent higher at Rs 268.20 per share.