Fortis, Cauvery Hospital form jt venture

PTI New Delhi | Updated on February 22, 2011

Fortis Healthcare today said that it will set up a cardiac centre in Mysore through a joint venture with the Karnataka-based Cauvery Hospital.

The joint venture will be between its wholly-owned subsidiary — Fortis Hospitals and Cauvery Hospital, with Fortis owning a majority stake, the company said in a filing to the Bombay Stock Exchange.

The cardiac centre, to be located at Cauvery Hospital’s Mysore facility, will be set up at an investment of Rs 12 crore. Fortis has entered into an agreement with Cauvery Hospital to set up, operate and manage the centre, it added.

The move is in line with Fortis’ strategy to expand its reach and provide quality healthcare in Tier II and Tier III cities, the hospital group said.

Commenting on the new affiliation, the Fortis Hospitals Chief Operating Officer, Mr Llyod Nazareth, said: “As part of our expansion strategy, Fortis continues to focus on deepening its presence in Tier II and Tier III towns in India through such strategic partnerships.”

The existing 135-bed Cauvery Hospital was set up in 2006 and is operated by a charitable trust. It offers medical services with special focus on orthopaedics, cardiology, neurosurgery, pediatrics and general surgery.

The addition of Cauvery Hospital takes the Fortis network to a total of 54 hospitals with over 8,000 beds spread across 13 states, the company said.

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Published on February 22, 2011
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