On Tuesday, Fortis Hospitals announced the merge of its hospital business with Manipal Hospitals.
Company stated that, “The Board of Directors of Fortis Healthcare Limited has approved the demerger of its hospitals business (“Fortis Hospitals”) into Manipal Hospital Enterprises Private Limited today. The Board has also approved sale of its 20% stake in SRL Limited to Manipal Hospitals. The resultant entity Manipal Hospitals will be a publicly traded company listed on NSE and BSE. The remaining Fortis Healthcare will be an investment holding company with 36.6% stake in SRL”.
Dr Ranjan Pai, Chairman of Manipal Education and Medical Group (of which Manipal Hospitals is a part) said, “The companies make a compelling strategic fit in terms of complementary geographies, clinical strengths as well as a shared commitment to providing outstanding patient care. As the largest hospital operator in India, this will be a platform benefiting all, from the communities we serve, to our capable employees and our investors. We have an excellent opportunity to leverage this strength to expand coverage and service delivery, in response to the burgeoning demand for world class healthcare.”
