From left: Vaibhav Kakkar and Sandip_Bhagat
Saraf and Partners and S&R Associates worked on IHH Healthcare’s open offer for a stake in Fortis Healthcare via a subsidiary valued at INR44.09 billion (USD490 million).
Saraf and Partners counselled Fortis Healthcare, along with its wholly owned subsidiaries Northern TK Venture and Parkway Pantai, in IHH’s open offer to acquire a 26.1% stake. Saraf and Partners also advised Fortis Healthcare subsidiary Fortis Malar Hospitals.
Senior partner Vaibhav Kakkar, partners Sahil Arora and Debarpan Ghosh, senior associates Paayas Pandit and Anuj Garg as well as associates Sonia Mangtani and Umang Agarwal comprised the Saraf and Partners transaction team. Senior partner Sanjeev Kumar Sharma led the disputes team, which also provided support.
S&R Associates acted for IHH Healthcare and its subsidiaries. S&R partners Sandip Bhagat, Rajat Sethi and Raya Hazarika led the transaction team. Senior associates Stuti Dhundia and Srikari Kancherla, as well as associates Vishvesh Vikram and Rishabh Uppal provided support. Partners Niti Dixit and Savani Gupte led the disputes team, which also assisted.
The open offer was concluded in November 2025 following the Securities and Exchange Board of India’s approval in October.
IHH is one of the world’s largest [rovate hjealth care providers with around 80 hospitals in 10 countries and it hopes to expand its presence in India via the Fortis acquisition, which increases its stake to around 57%.
Fortis is a leading healthcare services provider across India, operating 33 hospitals in 11 states.
