Healthcare giant Fortis buys Singapore unit
NEW DEHLI, India: India’s largest provider of health care clinics and services has agreed to pay more than half a billion US Dollar to buy Singapore-based Fortis Healthcare International PTE from investment company RHC in Mauritius. The record deal was approved by the company’s board on Tuesday and is expected to be completed bymid of December depending on regulatory approval.
Fortis International was set up last year to coordinate the expansion of Fortis’ activities in overseas. It’s most prominent acquisitions include Quality HealthCare Asia in Hong Kong and Dental Corporation, a company that operates 140 dental clinics in Australia and New Zealand.
Fortis India, which is owned by the brothers Malvinder and Shivinder Mohan Singh from New Dehli, announced that the acquisition is part of a global and domestic reconsolidation programme for the group. It will be financed through debt and other funds which will be raised once the transaction is complete, he said.
The Singh brothers also have a majority stake in RHC.
Despite a rising share price, financial adviser Morgan Stanley downgraded Fortis today by saying that the unit in Singapore has lower margins than the company’s hospital business in India.
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