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Fortis to buy Wockhardt’s hospitals for $21 bn: report

Fortis to buy Wockhardt’s hospitals for $21 bn: report
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First Published: Sat, Aug 22 2009. 08 30 AM IST
Updated: Mon, Aug 24 2009. 02 30 PM IST
New Delhi: Hospital chain Fortis Healthcare Ltd will pay around Rs1 trillion ($20.57 billion) to buy 10 hospitals from unlisted Wockhardt Hospitals, the Economic Times newspaper reported on Saturday.
The deal could be announced on Monday, the report said, citing two sources close to the development.
Fortis, which has 28 hospitals currently, plans to have 40 by 2012, and some of this addition would come through acquisitions, it has said.
Last week, Fortis approved a rights issue to raise Rs9.97 billion, much of it slated to fund expansion.
Fortis officials were not immediately available, but the Economic Times said chief executive Shivinder Mohan Singh declined to comment.
Wockhardt Hospitals’ chairman Habil Khorakiwala said the two firms were in talks but did not give details, the paper said.
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First Published: Sat, Aug 22 2009. 08 30 AM IST