Home / / Fortis Healthcare set to close Singapore buy by Dec-end

Fortis Healthcare set to close Singapore buy by Dec-end


Comments / 899 Views / Tuesday, 20 December 2011 00:01


NEW DELHI, (Reuters): Hospital chain Fortis Healthcare (India), controlled by billionaire brothers Malvinder and Shivinder Singh, is on course to raise funds and close the takeover of Singapore-based group firm Fortis Healthcare International by end-December, its chairman said.

“It’s getting closed. I have no worries on it,” Malvinder Singh told Reuters in an interview on Monday.



The brothers control Fortis Healthcare (India) and entirely own Fortis Healthcare International. The Indian firm had said last month it would buy the overseas firm for $665 million.

Fortis India is in the process of raising $175 million in fresh debt to fund the deal.

The transaction would raise the net debt at Fortis India to $1 billion and debt-equity ratio to 1.5 from under 0.5 now.

The company aims to bring it down to under 1 by March by infusing fresh equity, though it will not sell shares in the parent company, Singh said.

“One is SRL private equity, that’s going to come in as third round of funding. Second is that we are looking at asset-light model and by those two methods we will address the (debt-equity ratio of)1-1 by March,” Singh said.

Earlier this year, Fortis bought 86 percent stake in diagnostic services firm Super Religare Laboratories Ltd (SRL) from Singh brothers.


Share This Article


COMMENTS

Today's Columnists

Parsimony in Constitution making

12 February 2016

In the context of a debate I am involved in regarding the inclusion of access to technology and the Internet in particular in the Constitution, I was asked what I believed should be included in, and excluded from, a Constitution.This is an answer ...


Ideas for Western region Megapolis Master Plan

12 February 2016

At present, the public is minimally informed as to what Megapolis development is all about and has many questions regarding the concept of the Megapolis. Therefore, the Megapolis Ministry should further educate the public as to how it will affect ...


Good government requires leaders to put public good above their personal interests

12 February 2016

Lee Kuan Yew, the man behind modern Singapore, died at the age of 91, and while many Singaporeans are still mourning the loss of a respected politician, many people all over the world still continue to join them at many international foru...


Three things Govt. needs to do before signing ETCA

12 February 2016

    So the Government of Sri Lanka (GOSL) cleverly diverted the public attention on the Economic and Technology Cooperation Framework Agreement (ETCA) formerly known as Comprehensive Economic Partnership Agreement (CEPA) ...


Columnists More