Fortis chairman Malvinder Singh is relocating to Singapore, as it plans to use the acquisition of hospital chain Parkway Holdings, asits vehicle for global expansion. Fortis is now the single-largest shareholder in Parkway. Mr Singh told ET: “Parkway is a reputed brand and its size is three times of Fortis Healthcare. The next phase of our growth will be beyond Asia.” Mr Singh will be appointed the chairman in Parkway’s 12-member board, which will also have 3 other nominees of Fortis. He said having set up a pan-Asia presence by buying Wockhardt’s 10 hospitals past year, it was the company’s ambition to grow globally.
On Thursday, Fortis said it is buying private equity firm TPG Capital’s 24% stake in Singapore’s Parkway Holdings for $685 million supplanting Apollo Hospitals as Asia’s largest hospital chain. The largest outbound deal in the hospital space is expected to be closed next week and would be funded through a combination of internal accruals, rights issue and some debt, if required, said the company’s MD Shivinder Singh. The company may take a bridge loan to meet its immediate requirement.
Source : http://economictimes.indiatimes.com/news/news-by-industry/healthcare/biotech/pharmaceuticals/Fortis-to-widen-global-play/articleshow/5678171.cms
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