IHH Healthcare to appoint four directors to India's Fortis board

Cash-strapped Fortis said IHH will invest 40 billion Indian rupees ($584.11 million) at 170 rupees per share.

KUALA LUMPUR: IHH Healthcare will appoint four directors to an interim leadership team to manage India's Fortis Healthcare Ltd on Tuesday, according to India's MINT newspaper.

IHH acquired a 31.1% stake for RM2.348bil in cash-strapped Fortis, which operates about 30 private hospitals in India, in July after an extended bidding war for control of the company..

It had subscribed to 235.294 million new Fortis shares at 170 rupees each or RM9.98 per share. This valued Fortis at approximately RM5.214bil.

MINT, a financial newspaper, reported the interim leadership group includes Bhavdeep Singh, who stepped down as Fortis’s chief executive officer last week, chairman Ravi Rajagopal and Daljeet Singh, an old confidant of Fortis founder Shivinder Singh.

The three-member Fortis board will meet at Mohali near Chandigarh on Tuesday. IHH Healthcare chief executive officer (CEO) and managing director Dr Tan See Lang and 10-12 top executives will also be in the city.

The IHH Healthcare team is expected to meet mediapersons on Wednesday, followed by a townhall meeting with doctors and employees in Gurugram on the same day, and a visit to Fortis hospital in Bengaluru on Thursday, the report said.