Fortis Healthcare to Consolidate India and International operations
Fortis Healthcare (India) Ltd (“Fortis Healthcare India”), Asia’s fastest growing chain of hospitals has agreed to consolidate Fortis Healthcare International Pte Limited (“Fortis Healthcare International”), a Singapore based leading integrated healthcare delivery company with presence in nine countries including Hong Kong, Australia, New Zealand, Singapore, Sri Lanka, Dubai Vietnam, Mauritius and Canada to form one of the largest healthcare delivery networks in the Asia Pacific region.
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 valuation will be advised by an independent valuation agency, to be appointed by a committee of Independent Directors for the purpose. Further, the Board has decided, subject to necessary approvals, to change the name of Fortis Healthcare India to Fortis Healthcare Limited (“Fortis Healthcare”)
Fortis Healthcare India has demonstrated a decade of high growth in scaling its operations from a single hospital in 2001 to a network of 66 hospitals in 2011 and 190 diagnostic labs across India. Similarly, Fortis Healthcare International has exhibited strong merger and integration skills in moving rapidly across nine countries in different verticals and delivering growth in each of them. Through this integration, the combined entity will benefit from size and scale while at the same time leverage its network spread across various countries with wider service delivery capabilities. Its large pool of experienced clinical and managerial talent, under the guidance of a strong global management team, will help to cross - pollinate knowledge and capabilities across the entire platform. The combined entity will have a strength of over 4,000 doctors.
Fortis Healthcare International is the fastest growing integrated healthcare delivery network in Asia Pacific with multi vertical presence including primary healthcare, speciality day care healthcare, hospitals and diagnostics. Among its assets, Fortis Healthcare International owns Quality Healthcare Ltd, the largest primary care network in Hong Kong with 580 centers; Dental Corporation Pty Ltd the largest dental care network in Australia & New Zealand with 174 centers; Fortis Speciality Hospital, an under construction specialty hospital in Singapore; a stake in 350 bed Lanka Hospitals Corporation, Sri Lanka’s largest super speciality hospital, and the largest private pathology laboratory in UAE. Further, it has recently announced the acquisition of a 65% stake in Hoan My Medical Corporation, one of Vietnam’s largest private healthcare provider groups with over 1,100 beds across 6 hospitals.
The combined network will have over 74 hospitals with more than 12,000 beds, 580 primary care centers, 188 day care speciality centres, 190 diagnostic centres and a base of over 23,000 employees making it amongst the largest integrated healthcare delivery networks in Asia Pacific. This region also represents the fastest growing healthcare delivery market globally.
The new management structure of the combined entity will be aligned to manage the global business of Fortis Healthcare, including India. Mr. Malvinder Mohan Singh will be the Executive Chairman of Fortis Healthcare while Mr. Shivinder Mohan Singh will be the Executive Vice Chairman. Mr. Vishal Bali will be the Global CEO of Fortis Healthcare. The Indian operations will be headed by Mr. Aditya Vij, as its India CEO who will focus on the Indian expansion while the international business will be headed by Mr Eng Aik Meng and will focus on all expansions outside of India. Global functional heads will manage the key business functions of the combined entity.
