Fortis Healthcare to buy HongKong business

Fortis Healthcare to buy HongKong business

Mumbai: The controlling shareholders of Indian hospital chain Fortis Healthcare have agreed to buy the healthcare assets of Hong Kong-based Quality HealthCare Asia Ltd for HK$1.52 billion ($195 million), according to statements issued late on Sunday.

New Delhi-based Fortis Healthcare, controlled by billionaire brothers Malvinder and Shivinder Singh, fell short in its bid earlier this year to take control of Singapore-based hospital chain Parkway Holdings as part of an effort to build an international business.

The Quality HealthCare acquisition is being made by the Singhs’ Fortis Global Healthcare Holdings Pte Ltd unit, which it said is the family’s vehicle to build a pan-Asian healthcare business.

In addition to the HK$1.52 billion in cash, Fortis Global Healthcare will provide HK$20 million in base working capital, Quality HealthCare said in a statement.