Fortis Healthcare Ltd. has taken a significant step toward expanding its healthcare footprint by acquiring a 7.61% stake in Agilus Diagnostics Ltd. for ₹429.4 crore from parent company International Finance Corporation (IFC), according to a regulatory filing.
As part of a larger transaction, the Gurgaon-based healthcare provider will secure a 31.52% stake in Agilus Diagnostics, including 1.24 crore shares (15.86%) from NYLIM Jacob Ballas India Fund III LLC and 63.10 lakh shares (8.05%) from Resurgence PE Investments Ltd. The acquisition has received approval from the Competition Commission of India, paving the way for Fortis to strengthen its position in India’s diagnostics sector.
Agilus Diagnostics, a subsidiary of IFC, operates a vast network of 407 laboratories, over 4,000 customer touchpoints, and 14,000 pick-up points across 532 districts in more than 30 states and union territories. Its widespread reach makes it the largest diagnostic service provider in the country, serving over 1,000 towns nationwide.
The transaction is classified as a related-party deal due to Agilus’s affiliation with NJBIF and Resurgence, both stakeholders in the company. This acquisition aligns with Fortis Healthcare’s strategic focus on expanding its diagnostic services, further complementing its hospital network and patient care services.
With this acquisition, Fortis aims to bolster its integrated healthcare model by leveraging Agilus Diagnostics’ extensive infrastructure and market presence. Analysts remain optimistic, with 14 out of 15 maintaining a ‘buy’ rating on Fortis Healthcare stock, signaling confidence in the company’s growth trajectory.
As reported by medicalbuyer, this strategic move positions Fortis Healthcare as a key player in the diagnostics space, aligning with its broader vision of providing comprehensive healthcare solutions across India.