New Delhi, India, January 23, 2025: Saraf and Partners acted for Fortis Healthcare Limited (Fortis Healthcare) in relation to the acquisition of 31.52% equity stake in its subsidiary, Agilus Diagnostics Limited (Agilus), from three private equity investors, namely – NYLIM Jacob Ballas India Fund III LLC (NYLIM Jacob Ballas), Resurgence PE Investments Limited (Resurgence) and International Finance Corporation (IFC) for a cash consideration of approx. INR 1770 crores (approx. USD 207 million).

Agilus is a leading Indian company engaged in providing diagnostics services and is a material subsidiary of Fortis Healthcare.

Saraf and Partners (S&P) acted for Fortis Healthcare and Agilus on all aspects of the transaction, including the structuring of the deal; drafting & negotiation of several transaction documents; raising debt for consummating the transaction and drafting & finalization of financing documents as well as successfully securing regulatory approval of Competition Commission of India (CCI) for the transaction.

The transaction team at S&P was led by Vaibhav Kakkar (Senior Partner), Sahil Arora (Partner) and Debarpan Ghosh (Partner). The Banking and Finance team was led by Rohit Raghavan (Partner); and the competition team was led by Akshayy S Nanda (Partner).

TT&A acted for all three private equity investors – NYLIM Jacob Ballas, Resurgence and IFC, in the transaction.