IHH Healthcare set to launch takeover of India's Fortis

KUALA LUMPUR: IHH Healthcare is reportedly set to launch a takeover of India's Fortis Healthcare Ltd in next few days, Economic Times says. 

The news report said on Wednesday this comed nine months after walking out of bilateral negotiations with promoters Malvinder and Shivinder Singh who were then in control.

“The move will likely set the stage for a competition with a TPG-Manipal Hospitals combine as each side tries to acquire a minimum holding of 51%, going up to as much as 75% stake in the company.

“Manipal is believed to be working with Kotak Mahindra. IHH, the world’s second largest healthcare group, has roped in investment bank Citi to advise,” it said.

According to Fortis's website, it is a leading integrated healthcare delivery service provider in India.

The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. 

Currently, the company operates its healthcare delivery services in India, Dubai, Mauritius and Sri Lanka with 45 healthcare facilities (including projects under development), approximately 10,000 potential beds and 314 diagnostic centres. 

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Corporate News , M&A