Fortis Healthcare buys Chennai hospital for south India launchFebruary 19th, 2008 - 9:25 pm ICT by admin
New Delhi, Feb 19 (IANS) The Ranbaxy-promoted Fortis Healthcare Ltd and Oscar Investments Ltd (OIL) Tuesday completed acquiring 62.17 percent of the equity of Chennai-based Malar Hospitals Ltd (MHL) for Rs.346.8 million ($8.7 million). The acquisition has paved the way for Fortis Healthcare, leading hospital chain of north India, to launch itself in Southern India
“The completion of the acquisition process is an important milestone in our national rollout plans,” Shivinder Mohan Singh, CEO and managing director of Fortis Healthcare, said.
“Malar Hospital is well established in Chennai, and enjoys strong brand equity in the south, which is an advantage, as it is our first entry into the region,” Singh said in a statement.
He said the group welcomes the hospital and its employees and would “upgrade the facilities by adding key super-specialties to it. We would also look at expanding footprint in the south soon”.
The 180-bed Malar Hospitals is a multi-specialty hospital focusing on comprehensive healthcare in the areas of gastroenterology, neurology, gynaecology, paediatrics, diabetics, orthopaedics and nephrology.
After the present deal, the total equity share capital held by Fortis is 48.83 percent while OIL’s holding stands at 13.34 percent.
Malar Hospitals’ Director Nithya Ramamurthy said: “Fortis is known for the quality of its clinical and patient care. We are proud that Fortis will now own and manage this hospital. The patients of Malar and the southern region will gain immensely from the enhanced care, which can now be assured.”
Started its operation in 1996, Fortis has a presence in Delhi, Jaipur, Noida, Mohali (near Chandigarh), Amritsar, Faridabad, Raipur and Srinagar.
It currently has a network of 13 hospitals, primarily in North India, and 16 satellite and heart command centres, including one heart command centre in Afghanistan.
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Tags: equity share capital, fortis healthcare, healthcare ltd, heart command, investments ltd, launch, leading hospital, malar hospitals, mhl, mohali, mohan singh, nithya, north india, raipur, ramamurthy, ranbaxy, rollout plans, south india, southern india, specialty hospital