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Fortis looks east to grow

In a bid to expand its presence in Southeast Asia, Fortis Healthcare has acquired 23.9 per cent in Singapore’s healthcare provider Parkway Holdings in an off-market deal.

business Updated: Mar 11, 2010 20:39 IST
HT Correspondent

In a bid to expand its presence in Southeast Asia, Fortis Healthcare has acquired 23.9 per cent in Singapore’s healthcare provider Parkway Holdings in an off-market deal.

News agencies from Singapore quoted the value of the deal at $685 million (Rs 3,100 crore).

Fortis Hospitals Chairman Malvinder Singh declined to comment, saying that the details will be made available in a press conference on Friday.

Fortis acquired the stake from buyout firm TPG Capital in a deal that would give Fortis Hospitals access to Southeast Asian markets. Parkway Holdings Ltd is listed on the Singapore Stock Exchange and is one of the region’s leading providers of healthcare services with a network of 16 hospitals and 3,400 beds in Asia, including Singapore, Malaysia, Brunei, India and China.

Fortis, which acquired Escorts Heart Institute and Research Centre Ltd in September 2005, operates in 15 cities in the country and also has a tertiary care facility in Mauritius. It recently expanded its presence in three metros of Mumbai, Kolkata and Bengalaru with the taking over of SL Raheja Hospital and acquisition of 10 Wockhardt hospitals for around Rs 900 crore.

At present, a total of 7 greenfield hospitals, including 2 acquired from Wockhardt, are under various stages of construction and include a state-of-the-art flagship facility at Gurgaon, the soon-to-be-commissioned hospital in New Delhi, and a multi-specialty hospital in Kolkata.

Fortis now has a network of 46 hospitals with the capacity to increase the number of in-patient beds to 6,600.