India - Fortis to consider Singapore-based arm's acquisition tomorrow

MUMBAI: Fortis Healthcare (India) today said its board will consider and approve the valuation for the proposed acquisition of its Singapore-based arm, Fortis Healthcare International Pte Ltd, tomorrow.

The valuation for the proposed acquisition recommended by the independent committee of the board is pursuant to the valuations carried out by independent valuer appointed for the purpose, Fortis Healthcare (India) said in a filing to the BSE today.

The company had earlier announced that it will acquire its Singapore-based arm Fortis Healthcare International Pte Ltd from a firm owned by its promoters, the Singh brothers, as part of consolidation of domestic and global operations.

"Our combined entity will leverage competitive strengths and realise synergies to benefit all the operations, especially leveraging the group's enormous talent in healthcare," company's Managing Director Shivinder Mohan Singh had said earlier.

The consolidation of the two entities would create a firm with consolidated revenues of $ 1 billion, with each entity contributing $ 500 million each.

Fortis International, which was set up last year to pursue overseas business, has made seven acquisitions in 10 markets, including Hong Kong-based Quality HealthCare Asia.

It also bought Australia's Dental Corporation Holdings, and Sri Lanka's Lanka Hospitals Corp Plc, among others.

Shares of Fortis Healtcare (India) today closed at Rs 124.50 on BSE, down 0.24 per cent from its previous close.

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