Fortis earmarks $500 mn for acquisitions

November 17th, 2008 - 7:26 pm ICT by IANS  

New Delhi, Nov 17 (IANS) Unperturbed by the economic slowdown, Fortis Healthcare is planning to invest around $500 million for expanding operations, and is already in talks with several international as well as domestic hospitals for acquiring stakes, a top official said. “We have earmarked almost half a billion dollars for acquiring hospitals which will be raised through internal accruals mainly,” Fortis managing director and chief executive officer Shivinder M. Singh told IANS Monday on the sidelines of the World Economic Forum-India Economic Summit here.

He added that “the next two quarters are going to be good for us”.

The company is in talks with some international players in the healthcare business as well as some hospitals operating in the southern parts of the country.

Fortis also plans to increase the number of beds to almost 6,000 all over the country.

Fortis reported a net profit of Rs.100.6 million in the second quarter this fiscal.

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