Fortis plans pan-Asia expansion, names CEO for global arm

Fortis plans pan-Asia expansion, names CEO for global arm

Singapore: Singapore-based Fortis Global Healthcare Holdings, a firm controlled by India’s billionaire Singh family, on Monday named Vishal Bali as the CEO who will lead the firm’s efforts to build a pan-Asian healthcare business.

Bali was previously CEO of Fortis Hospitals, a unit of India-listed Fortis Healthcare .

Both Fortis Healthcare and Fortis Global are controlled by brothers Malvinder and Shivinder Mohan Singh, who in October agreed to buy the healthcare assets of Hong Kong-based Quality HealthCare Asia Ltd for HK$1.52 billion ($196 million).

Fortis Heathcare along with a separate company controlled by the Singhs had previously tried to buy Singapore hospital operator Parkway but lost out to Malaysian state investor Khazanah after a bidding war.

The Indian group did, however, walk away with a profit of around S$116 million ($87.9 million).

“Vishal Bali will lead Fortis Global Healthcare in the creation of a pan-Asia integrated healthcare business," Fortis Global said in a statement.