Fortis Healthcare to acquire 51% economic interest in Fortis Hospotel
Fortis Healthcare Limited on Thursday announced that its Board of Directors has approved the acquisition of a 51% economic interest in Fortis Hospotel Limited (FHTL), a subsidiary of the Religare Health Trust (RHT).
The RHT is a business trust listed on the SGX of which Fortis is a sponsor with a 28% equity stake. It comprises a portfolio of 12 clinical establishments, four greenfield clinical establishments and two operating hospitals in India. Two of the twelve clinical establishments in the Trust ie.
Fortis Hospital, Shalimar Bagh, New Delhi and the Fortis Memorial Research Institute (FMRI), Gurgaon are under FHTL in which both Fortis and RHT (through its subsidiary Fortis Health Management Limited) are currently shareholders.
The net investment consideration for the transaction is estimated to be an amount of approximately Rs 970 crore. The economic impact to Fortis would be lower as Fortis owns 28% equity stake in RHT.