Fortis Healthcare has signed an Operations and Management (O&M) agreement with Dion Group to establish a 300-bed multi-specialty hospital in Cuttack, Odisha. The greenfield project, located at Dion Riverside Township in Trishulia, marks the healthcare provider's entry into the state. This strategic partnership aims to enhance access to advanced tertiary care services for patients across Odisha and neighbouring regions.

The hospital will be developed within the rapidly developing Cuttack-Bhubaneswar corridor and is envisioned as a Centre of Excellence for multiple specialties. It will offer comprehensive tertiary and quaternary care services, supported by advanced diagnostics, critical care infrastructure, and specialised clinical programmes. The facility is expected to reduce the need for patients to travel outside the state for complex medical care.

Expansion Strategy

The collaboration aligns with Fortis Healthcare's broader strategy to expand access to quality healthcare across India through asset-light growth models. This includes operating and management agreements and inorganic growth initiatives. The company currently operates 36 healthcare facilities, including joint ventures and O&M facilities, across 12 states and union territories, comprising over 6,000 operational beds.

Management Commentary

Dr. Ashutosh Raghuvanshi, Managing Director & CEO, Fortis Healthcare, highlighted the significance of the partnership. He stated that the upcoming hospital will play a vital role in improving access to advanced tertiary care services in the region. He added that the collaboration reflects the company's commitment to expanding high-quality healthcare infrastructure.

Mr. Manoj Sahoo, Promoter, Dion Group, expressed satisfaction in partnering with Fortis Healthcare. He noted that the project combines Fortis' clinical and operational expertise with Dion Group's vision of creating modern healthcare infrastructure. He emphasized that the facility will address the growing demand for advanced healthcare services in the state.

Project Details

The key parameters of the greenfield hospital project are outlined below:

Fortis Healthcare Limited 's wholly-owned subsidiary, Fortis Hospitals Limited, secured a reduction in its tax demand for Assessment Year 2024-25 to ₹61.48 Crores. The Income Tax Authority processed a rectification application, lowering the initial demand of ₹117.04 Crores. This adjustment reduces the immediate financial liability for the subsidiary arising from the tax order.

Rectification Order Details

The Income Tax Authority issued an order on June 3, 2026, under section 154 read with section 143(3) of the Income Tax Act, 1961. This order formally accepted the rectification application filed by the subsidiary. The event was disclosed to the exchanges on June 16, 2026.

The following table outlines the key details of the rectification:

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no additional claims or penalties associated with this specific rectification beyond the revised demand amount.