You are here: Home » Companies » News
Business Standard

Expansion remains priority, await direction from SC on Fortis plea: IHH

The group had acquired a 31 per cent controlling stake in Fortis in 2018, which triggered a mandatory open offer to acquire another 26 per cent of Fortis shares from the market

IHH | Fortis Healhcare | Supreme Court

Press Trust of India  |  New Delhi 

IHH Healthcare makes open offer for Fortis Malar at Rs 60 per share

Malaysian firm Healthcare on Monday reiterated its intent to continue on its growth plans for Fortis Healthcare, and said growing in India remains a priority for the company.

The group had acquired a 31 per cent controlling stake in Fortis in 2018, which triggered a mandatory open offer toacquire another 26 per cent of Fortis shares from the market.

The open offer has not proceeded due to ongoing legal proceedings with respect to the transaction pending before the where the next hearing is scheduled for February 10, 2021, Healthcare said in a statement.

"Growing in India remains a priority for as it is one of our four home markets, together with Malaysia, Singapore and Turkey," IHH Healthcare MD and CEO Kelvin Loh said.

He added that the company respects and has full faith in the judicial process in India and looks forward to a favourable outcomeso the firm can proceed with the open offer. "This will allow IHH to further invest into Fortis to provide evenmore support to the Indian healthcare sector, especially in critical times like now with COVID-19.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, February 08 2021. 22:48 IST