Fortis to invest Rs 1,000 cr for adding 12 new hospitals

Vishwanath Kulkarni Recently in Milan | Updated on March 12, 2018

Mr Shivinder Mohan Singh, Managig Director, Fortis Healthcare Ltd(File photo): Rajeev Bhatt   -  Business Line

Fortis Healthcare Ltd plans to invest Rs 1,000 crore to roll out about a dozen new hospitals across the country this year. Also, the company expects to finalise its overseas listing plans in March, said Mr Shivinder Mohan Singh, Managing Director, Fortis Healthcare.

The company, which currently has some 53 hospitals in India, is in the process of adding some six hospitals across the country in cities such as Gurgaon, Puducherry and Kangra. It expects to add another half-a-dozen hospitals through acquisitions this year. Mr Singh was part of the FICCI CEOs mission to Italy exploring avenues for potential collaboration with Italian firms.

Mr Singh said the company is looking at an international listing as it plans to expand its operations overseas. “We are still discussing whether to list the Indian or the global entity overseas,” he said.

Stating that the cost of raising equity overseas was cheaper, Mr Singh said the company is yet to decide on the quantum of capital to be raised. However, the proceeds will be utilised to fund the company's expansion, he added.

Fortis Global, the international entity has a footprint in countries such as Australia, Hong Kong, Mauritius and Afghanistan.

“We want to expand to at least another six to eight countries,” Mr Singh said adding the initial focus for expansion would be in South East Asia.

“We want to be an emerging market healthcare company. Asia is where we want to be growing,” Mr Singh said.

Tier II, III expansion

Back home, the company is looking to expand in Tier II and Tier III cities and the company would be investing Rs 1,000 crore this year, Mr Singh said. The proposed investments will be funded through internal accruals.

Fortis Healthcare is seeking shareholders approval to change its name to Fortis Healthcare (India) Ltd to align with its strategy of focusing on the domestic market.

Published on February 06, 2011

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