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Fortis to consolidate its healthcare businesses under one arm

New Delhi: Leading healthcare provider Fortis on Monday said it has decided to bring all its healthcare businesses under one firm. The company also said that it would change its name to Fortis Healthcare Limited from Fortis Healthcare India.

“In a meeting held today, the board of directors of Fortis Healthcare India has approved the acquisition of Fortis Healthcare International, from RHC Financial Services (Mauritius) Ltd, a company owned by the promoters of Fortis Healthcare India,” the company said in a statement.

“The valuation will be advised by an independent agency to be appointed by a committee of independent directors,” it added.

Under the consolidation, Fortis will form a large healthcare delivery network in the Asia Pacific region.

The network will have over 74 hospitals with more than 12,000 beds, 580 primary care centres, 188 day-care speciality centres, 190 diagnostic centres and more than 23,000 employees, with a strength of over 4,000 doctors, making it among the largest integrated healthcare delivery networks in Asia-Pacific.

The combined entity will benefit from size and scale while leveraging its network across various countries with wider delivery capabilities, the company said.

The new structure of the combined entity will be aligned to manage the global business of Fortis Healthcare, including those in India.

Malvinder Mohan Singh will be the executive chairman of Fortis Healthcare while Aditya Vij will head the Indian operations as its India chief executive officer.

“With the region’s increasing urbanisation, ageing population and greater access to new medical technologies, the demand for more and better healthcare is rising sharply,” said Malvinder Mohan Singh, group chairman, Fortis Healthcare. “Fortis looks to capture this opportunity. This integration provides us the model and the scale to harness the opportunity.” [Source: IANS]

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