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Fortis Healthcare Limited, an integrated healthcare delivery service provider, announced on November 24 that it has signed definitive agreements to sell Fortis Malar Hospital in Chennai, to MGM Healthcare Private Limited for a sale consideration for about Rs 128 crore.

The agreement is "for a sale consideration of approx. INR 1,28,00,25,000 (Rupees One hundred and twenty eight crores and twenty five thousand) (subject to customary closing adjustments as agreed in definitive agreements)," Fortis Healthcare said in an exchange filing.

The deal is for the sale of the business operations along with the land and building assets pertaining to Fortis Malar Hospital situated at Gandhi Nagar, Adyar in Chennai.

The transaction will be an all-cash deal and is estimated to be consummated by end of January 2024; subject to certain conditions precedent and closing conditions as stipulated in the definitive agreements including the approvals from shareholders of both Fortis Healthcare and Fortis Malar Hospitals Limited respectively, the press statement added.