Forits Global aims to be top international healthcare service provider
10 January 2011
Forits Global Healthcare Holdings, promoted by Indian entrepreneurs Malvinder and Shivinder Singh, aiming to emerge as one of the top integrated healthcare service providers in the world, is eyeing opportunities in Asia and the Middle East.
The Singapore-based company, which recently invested nearly $500 million in two international healthcare firms in Hong Kong and Australia, is looking at both organic and inorganic growth. ''In terms of acquisitions, there are multiple opportunities which we are currently evaluating,'' says Malvinder Singh, the chairman. ''In 2011, you will be able to see much more of them, especially in emerging markets.''
According to Vishal Bali, chief executive officer, Fortis Global, the company has a greater focus on inorganic growth with an emphasis on South East Asia and Australia. The company recently acquired a 30 per cent stake in Dental Corporation, Australia's largest dentistry network, besides acquiring Hong Kong listed Quality Healthcare Asia Ltd.
The Hong Kong buy has resulted in its acquisition of a network of 60 wholly-owned medical centres, 500 affiliated clinics, 40 dental and physiotherapy centres and a nursing agency.
The company has also submitted an expression of interest to the Hong Kong government for starting more hospitals there, adds Bali. ''The Hong Kong health authorities have invited expression of interest and want enterprises to set up hospitals there,'' he remarks. ''This is part of the reform process currently underway there, which emphasises on better delivery of healthcare facilities to its citizens.''
The company on Monday launched a 414-bed super-speciality hospital in Kolkata. Over the next two years, Fortis Global plans to set up nearly 10 new hospitals – with a capacity of 2,000 beds – adds Malvinder Singh, the chairman. The new facilities will come up in cities such as Gurgaon, Ludhiana, Ahmedabad and Kangra. The company is also 'definitely' planning to go in for an overseas listing, he adds.