Fortis Healthcare has signed an operations and management (O&M) agreement with Dion Group to operate a 300-bed greenfield multi-specialty hospital at Dion Riverside Township in Trishulia, Cuttack, Odisha. According to the latest exchange filing on Friday, July 3, the hospital will be developed by Bhubaneswar-headquartered Dion Group, a real estate and infrastructure developer with residential, commercial and integrated township projects in Odisha that is expanding into hospitality and healthcare infrastructure. Mr. Manoj Sahoo, Promoter of Dion Group, highlighted the group's commitment to contributing to Odisha's growth and quality of life, stating "We are pleased to partner with Fortis Healthcare, one of India's leading healthcare providers, to bring a world-class multi-specialty hospital to Odisha. This collaboration brings together Fortis' proven clinical and operational expertise with our vision of creating modern healthcare infrastructure for the state."
Malaysia's IHH Healthcare plans to significantly expand technology investments in India through Fortis Healthcare, focusing on artificial intelligence (AI), precision medicine, advanced oncology and healthtech startups as part of its long-term growth strategy. IHH Group Chief Corporate Officer Ashok Kumar Pandit told Business Standard that "We remain firmly committed to making significant investments in India, with Fortis continuing to be the primary platform through which we invest in the country going forward." The Fortis network currently has about 6,100 operational beds across 36 facilities, including 1,200 beds under operations and management (O&M) agreements, with IHH having publicly stated a target of increasing its network to 10,000 beds by 2030. IHH's Group Chief Business Technology Officer Quek Sin Kwok revealed that the firm has rolled out a unified data platform to support AI applications and analytics across its Indian and international hospital network, designed to comply with local data residency and privacy requirements while maintaining patient data control under individual country entities.
Fortis Healthcare reported strong financial performance in FY26 with net profit increasing 31.5% to ₹1,064 crore, driven by a 19% growth in the hospital business. The company achieved FY26 revenue of ₹9,128 crore with EBITDA margin of 22.8%, representing a 240 basis points improvement year-on-year. This expansion into Odisha through an O&M agreement aligns with Fortis' strategic shift from capital-heavy ownership to asset-light O&M and lease models, as the company targets 2,000 new beds by 2028 as part of its goal to reach 10,000 beds by 2030. The 300-bed Cuttack facility adds to Fortis' existing network of 36+ healthcare facilities across 12+ states, with the company maintaining a Net Debt/EBITDA ratio of 1.24x and profit of ₹1,064 crore in FY26, positioning it well for internal accrual-funded growth.
IHH Healthcare is actively investing in cutting-edge healthtech solutions, recently launching the India edition of its Catalyst Health Innovation Challenge, selecting three startups that will work within the Fortis network before potentially expanding across IHH's international operations. The company has also partnered with Infosys to build an AI-enabled enterprise resource planning (ERP) platform that will help optimise functions and better leverage economies of scale across the organisation. IHH's Group Chief Business Technology Officer Quek Sin Kwok explained that the initiative is designed to give Indian startups access to a much larger global healthcare ecosystem, stating "As a healthcare provider operating across 10 countries, IHH can provide innovators with a platform to test and scale their solutions not just in India but eventually across our international markets as well." The Fortis network has already deployed technologies such as the MR-LINAC (magnetic resonance linear accelerator) for cancer treatment and is evaluating proton beam therapy after IHH introduced the technology in Singapore.
The hospital is expected to be operational in three years from the signing of the agreement. Once operational, the facility will serve patients in Odisha and neighbouring regions, positioned as a Centre of Excellence for multiple specialties and offering tertiary and quaternary care services backed by advanced diagnostics, critical care infrastructure and specialised clinical programmes. The hospital's strategic location along the Cuttack-Bhubaneswar corridor positions it to serve patients across Cuttack, Bhubaneswar and neighbouring regions once operational. The proposed hospital is expected to significantly impact the region's healthcare ecosystem by enhancing access to specialised treatment, reducing the need for patients to travel outside the state for complex medical care, and creating a robust platform for advanced clinical services, medical talent, and healthcare innovation. The 300-bed tertiary and quaternary care centre has an estimated investment of around ₹500 crore and will offer comprehensive services across multiple super-speciality disciplines supported by modern medical technology, evidence-based treatment protocols and integrated critical care facilities.
