Malvinder, Shivinder quit Religare board
In a major organisational rejig, Malvinder Mohan Singh on Tuesday stepped down as the chairman of the REL to focus on the group’s healthcare business that has ambitious overseas expansion drive. His brother Shivinder Mohan Singh also stepped down from the board.Updated: Apr 07, 2010, 02:02 IST
In a major organisational rejig, Malvinder Mohan Singh on Tuesday stepped down as the chairman of the Religare Enterprises Ltd (REL) to focus on the group’s healthcare business that has ambitious overseas expansion drive. His brother Shivinder Mohan Singh also stepped down from the board.
The company’s chief executive officer Sunil Godhwani will be the new chairman and managing director of REL making him the first person from outside the family to be appointed as chairman of the group.
“There is a lot of opportunity sitting in global healthcare business,” Malvinder Singh told reporters. “I think there is a strong opportunity to build upon for further growth.”
The organisational restructuring comes less than a month after Fortis said it would acquire US buyout firm TPG’s 23.9 per cent stake in Singapore healthcare firm Parkway for $685 million (about Rs 3,200 crore) as part of its efforts to expand into Asia and West Asia.
The Singh family had founded leading generic drug manufacturing firm Ranbaxy, before selling its stake to Japan’s Daiichi Sankyo in 2008.
Fortis’ purchase followed its $187-million (Rs 860-crore) acquisition of 10 Wockhardt hospitals last year.
Shivinder will take charge of the domestic healthcare business under the Fortis umbrella, said that the company is looking at smaller cities for growth.
“We have identified global healthcare, domestic healthcare and financial services as three key business verticals that will be our future growth drivers,” Malvinder Singh, who will be the chairman of Parkway Holdings, said. “Our present focus will be to expand our presence across Asia using Parkway as a vehicle for global growth.”
He declined to give any details on investment targets or the number of hospitals planned by the company.