 "Fortis completes sale of Quality Healthcare for $355 mn")
The transaction to divest 100% holding in Altai Investments, the holding company of Quality Healthcare, Hong Kong, has been completed, Fortis Healthcare said in a filing to the BSE.
Fortis Healthcare, promoted by Malvinder Singh and Shivinder Singh, held the stake in Quality Healthcare through its Singapore subsidiary Fortis Healthcare International Pte Ltd.
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Earlier this month, the company had announced its decision to sell its 100% stake in Altai Investments to pare debt.
The Singh brothers had stated that the divestment was in alignment with the company's business priorities and the decision "to intensify focus on core hospital and diagnostic business in India with a clear path to profitability".
It further said that the divestment enables the company to "substantially improve net debt equity ratio, creating further room for growth".
After divestment in Quality Healthcare, India revenue will account for nearly 95% of the company's total revenue, the company had said.
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