Acquisitions key for Fortis, Religare growth: Malvinder

I / Davos February 01, 2010, 14:34 IST

Fortis Healthcare and Religare Enterprises will keep looking out for acquisitions in order to be on fast track in healthcare and financial services sectors, the Chairman of the two companies, Malvinder Singh, has said.

"You will see a lot of investment from Fortis. Our intention is to look at opportunities, both organic and inorganic," Singh told PTI here.

Singh, who has been recognised as a young global business leader by the just concluded World Economic Forum here, is infusing a lot of cash both in Fortis Healthcare and financial services provider Religare Enterprises.

While the Rs 1,000-crore rights issue has just been completed by Fortis, Rs 1,800-crore Religare rights offer is still open.

As Singh, his brother Shivinder Singh, and the family hold the largest shareholding in both the companies, they would be the biggest contributors to the two rights issues of Rs 2,800 crore.

Singh said the two large acquisitions of Escorts in 2005 and Wockhartdt in 2009 have given Fortis a pan-India presence.