Fortis Healthcare Ltd (FHL) today said the merger of its hospitals business into Manipal Hospitals Enterprises is expected to be completed in 10-12 months.
The company's board had yesterday approved demerger of its hospitals business, which will be acquired by Manipal Hospitals and TPG Capital, along with the sale of 20 per cent stake in diagnostics chain SRL Ltd.
"The merger will take time. The merging of Fortis into Manipal will take between 10 to 12 months," FHL CEO Bhavdeep Singh said in a conference call today.
The company had said yesterday that the proposed transaction was subject to shareholders' approval, creditors' approval, applicable regulatory approvals (including Competition Commission of India, SEBI, stock exchanges and National Company Law Tribunal (NCLT) and other customary conditions precedent.
When asked about the investigations by Serious Fraud Investigation Office (SFIO) in the company over alleged financial irregularities in the company involving its promoters, Singh brothers, Bhavdeep Singh said: "We are cooperating with the ongoing SFIO investigations."
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