Fortis Healthcare to invest Rs 25 crore in Malar Hospital

Our Corporate Bureau
14 September 2007

Chennai: The New Delhi-based Fortis Group has some interesting plans in store for Malar Hospitals Limited.

International Hospital Limited, a wholly owned subsidiary of Fortis Healthcare Limited, and Oscar Investments Limited, have entered into an agreement with the promoters of the Chennai-based Malar Hospitals to acquire a 28 per cent stake.

Fortis will also make an open public offer for acquiring a 20 per cent stake from the public. The deal paves way for Fortis to establish itself in South India.

Announcing the deal to the media in Chennai on Thursday, Anil Panwar, president, governance and growth, Fortis Healthcare Limited, said that the 180-bed Malar Hospital had a revenue potential of Rs 40 lakh per bed per year.

The group would invest anything between Rs 20 and Rs2 5 crore towards upgrading the facilities and making it into a specialist centre for cardiac care in the city.

"Our team will study the set up in Malar Hospitals, and decide on the future course of action", said Daljit Singh, president, strategy and organisational development.