New Delhi: Fortis Healthcare (India) on Thursday said it has completed the acquisition of Singapore-based Fortis Healthcare International Pte from a firm owned by its promoters, the Singh brothers.
Malvinder Mohan Singh. File Photo
The company had in September 2011 announced that it will acquire Fortis Healthcare International Pte Ltd from RHC Financial Services Mauritius Ltd, which is owned by the Singh brothers -- Malvinder and Shivinder -- for $665 million (around Rs 3,270 crore).
“We are pleased to announce the consummation of the acquisition of Fortis Healthcare International by its wholly owned subsidiary Fortis Asia Healthcare Pte Ltd (FAHPL),” Fortis Healthcare (India) said in a filing to the BSE.
The company further said the purchase consideration for purchase of equity shares of Fortis Healthcare International amounting to $262 million is being been funded through issue of redeemable preference shares to the promoters.
The agreed overall value of $665 million of Fortis Healthcare International Pte includes assets of Australia’s Dental Corporation Holdings, Quality Group Hong Kong, SRL Laboratories Dubai and a minority stake in Lanka Hospital Corporation Plc, the company said.
In a separate filing, the company said its board has approved various appointments for aligning the management structure of the combined entity to manage the global business of the company, including India.
Malvinder Mohan Singh, non-executive chairman, has been appointed as an executive director of the company for a period of five years, it said.
Further the board approved the appointment of Balinder Singh Dhillon, non-executive director, as an executive director of the company for a period of five years.
The company’s board, which met on wednesday, also approved the re-designation of Shivinder Mohan Singh as executive vice -chairman from managing director earlier.
In an earlier filing the company had announced the appointment of Vishal Bali as the global CEO of the firm, while the responsibility of Indian operations was given to Aditya Vij.
Fortis International, which was set up in 2010 to pursue overseas business, has made seven acquisitions in 10 markets, including Hong Kong-based Quality HealthCare Asia.
After the consolidation, the combined network will have over 74 hospitals, with more than 12,000 beds, 580 primary care centres, 188 day care specialty centres, 190 diagnostic centres and a base of over 23,000 employees.
Shares of Fortis Healthcare India were trading at Rs 98.45 on the BSE in late afternoon trade, up 1.08% from its previous close.