Fortis wants to expand in West, S-E Asia

Fortis Global Healthcare Holdings, promoted by Malvinder Mohan Singh and Shivinder Mohan Singh, has submitted an expression of interest to the Hong Kong government to start hospitals there. The firm is also scouting for inorganic growth opportunities in Asian and South-East Asian countries.

“Fortis is currently a debt-free company. We are looking for opportunities in Asia and the Middle East and want to be one of the top integrated healthcare providers in the world. In terms of acquisitions, there are multiple opportunities which we are currently evaluating. In 2011, you will be able to see much more of them, especially in emerging markets,” said Malvinder Mohan Singh, on the sidelines of inaugurating a 400-bed Fortis Hopital here.

“We are looking at organic and inorganic growth across the world. Hong Kong is undergoing large scale healthcare reforms; as part of it, the government had recently invited private players to start hospitals there. We have shown our expression of interest for this and are very keen to expand our present network there,” said Vishal Bali, Chief Executive Officer of Fortis Global Healthcare Holdings.

The Singapore-based company already has a presence in Hong Kong through its recent acquisition of Quality Healthcare Asia for about Rs 882 crore. Through the acquisition, the company got a network of 60 wholly-owned medical centres, 500 affiliated clinics, 40 dental and physiotherapy centres, and a private nursing agency, with a database of 3,000 nurses.

It had also acquired 30 per cent stake in Australia’s Dental Corporation for about A$100 million (Rs 450 crore). “We are looking at further inorganic and organic growth opportunities in Asian and Southeast Asian countries. However, nothing is in the final stages. In Australia also, we believe that there are tremendous opportunities for Dental Corp’s expansion,” he said.