×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Fortis to buy promoters’ international hospital business

Fortis to buy promoters’ international hospital business
Comment E-mail Print Share
First Published: Mon, Sep 19 2011. 01 37 PM IST
Updated: Mon, Sep 19 2011. 01 37 PM IST
New Delhi: Fortis Healthcare (India) Ltd will integrate its operations with that of the international hospital chain currently owned by its promoters, the Singh family, by acquiring it.
Details of the transaction in which India’s second-largest hospital chain will acquire Singapore-based Fortis Healthcare International Pte Ltd weren’t available immediately. The company may likely announce these in a press conference to be held later on Monday.
Fortis International is currently fully owned by the Singh brothers.
The Singh family owns a majority stake in the Indian entity, Fortis Healthcare India, which has a network of 62 hospitals across the country.
The combined entity will be named Fortis Healthcare Ltd. The merger is part of the Singhs’ effort to integrate their businesses in the region. Fortis Healthcare International, which has been looking to expand its operations in healthcare services in the Asia-Pacific, made six acquisitions in the region in the last eight months.
Fortis International first acquired an under-construction hospital in Singapore in December. It has also acquired hospitals in Australia, Hong Kong and Sri Lanka, apart from a diagnostics services company in Dubai this year.
Shares of Fortis Healthcare India were trading 1.26% up at Rs148.95 on the Bombay Stock Exchange at 1:27 pm local time on Monday. The benchmark Sensex was down 1.16% at 16,736.63 at the time.
Comment E-mail Print Share
First Published: Mon, Sep 19 2011. 01 37 PM IST