Religare chair resigns to focus on healthcare biz

Religare chair resigns to focus on healthcare biz

New Delhi: The billionaire chairman of Religare Enterprises Ltd stepped down from the financial services group on Tuesday to focus on his healthcare business, which is on an overseas expansion drive. Malvinder Singh, who also resigned from the Religare board, will be succeeded by chief executive Sunil Godhwani, said a company statement.

“There is a lot of opportunity sitting in global healthcare business," Singh told reporters. “I think there is a strong opportunity to build upon for further growth."

Religare’s founding Singh family controlled Ranbaxy Laboratories until 2008, when the family agreed to sell its stake in the Indian drugmaker to Japan’s Daiichi Sankyo.

The family’s other business interests include Fortis Healthcare hospital chain, Super Religare pathological laboratories and information technology unit Religare Technova.

Last month, Fortis said it would acquire US buyout firm TPG’s 23.9% stake in Singapore healthcare firm Parkway for $685 million as part of its efforts to expand into Asia and the Middle East.

Fortis’ purchase followed its $187 million acquisition in August last year of 10 hospitals from unlisted Wockhardt Hospitals.