Cash-rich Fortis eyes Acquisitions across Asia

Fortis Healthcare is eyeing acquisitions of other healthcare companies in Asia after bowing out of the bidding war for Singapore's Parkway Holdings but making a tidy profit, its chairman said.

Fortis Healthcare is eyeing acquisitions of other healthcare companies in Asia after bowing out of the bidding war for Singapore's Parkway Holdings but making a tidy profit, its chairman said.

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Malvinder Singh, one of the two billionaire brothers who run the company, said the group now has between $800-$900 million (Rs 3,728-4,194 crore) in cash and a well-established line of credit, which would be used for the acquisition of one or more assets.

A Bloomberg report also quoted Singh as saying that Fortis Healthcare Ltd plans to list its pathology unit in India next year and also plans to start a health insurance business for which it is in talks with regulators.

Fortis will forge ahead with plans to use Singapore as a base to become a "pan-Asia healthcare leader" and has a team scouting for opportunities in the region, Singh said.

Singh refused to identify any targets or give a time frame.