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Fortis Healthcare International, a subsidiary of Fortis Healthcare, is to sell its 64 per cent stake in Dental Corporation Holdings Ltd, Australia, to UK’s healthcare major, Bupa.
The deal, which is expected to be completed in March, was made for 270 million Australian dollars (around Rs 1,500 crore). Fortis had bought the shares of DCH in two separate deals, worth a total of about A$200.
The Executive Chairman and Executive Vice-Chairman of Fortis Healthcare, Malvinder Singh and Shivinder Singh, said in a release that the move is “good” for Fortis.
“We are decisive in our response and bold in our actions,” the brothers said, and added that the decision will help the company to consolidate its presence as one of the fastest growing healthcare companies in the region.
Fortis bought 25.6 per cent shares of DCH in January 2011. The company said it had added “considerable value” to the business, growing its dental practices from 140 to 190 in Australia and New Zealand.
“The model however has remained confined to the two countries and in spite of exploration and backing has found limited acceptance in other Fortis geographies, as originally envisaged,” the release added.
Fortis Healthcare Ltd’s businesses span diagnostics, primary care, day-care specialty centres, and hospitals. Apart from India, it has presence in Australia, Canada, the UAE, Hong Kong, Mauritius, Nepal, New Zealand, Singapore, Sri Lanka and Vietnam.
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