Fortis Healthcare climbs after signing 29-year healthcare services agreement

Fortis Healthcare rose 2.94% to Rs 895.85 after the company signed definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital.

Under the agreements, Fortis will provide healthcare services at a 400+ bed super specialty hospital in Ashok Vihar, New Delhi. The hospital is expected to begin operations in 3-4 years, subject to necessary approvals.

The facility will be developed on around 3.1 acres of land. It will be operationalised in phases. The hospital will offer tertiary and quaternary healthcare services across oncology, neurosciences, cardiac sciences, gastroenterology, orthopaedics and renal sciences. It will also provide robotic surgeries and transplant services.

Fortis Hospotel, a wholly owned subsidiary of Fortis Healthcare, will have exclusive rights to provide specified inpatient healthcare services. These will include specialised equipment such as Cath Lab, LINAC, PET-CT and surgical robots. Fortis will also provide the required clinical manpower.

The Healthcare Services Agreement has a committed term of 29 years. It can be extended for a further period on mutually agreed terms.

The hospital will be owned, operated and managed by Seth Sunder Lal Jain Charitable Eye Hospital. Fortis will provide healthcare and medical services at the facility.