Fortis-Manipal deal: Meet Ranjan Pai, who is strong medicine for expansion

Bengaluru-based Pai is a self-made billionaire - net worth: $1.89 billion as on March 28, according to Forbes

Forty-five-year-old Ranjan Pai, chairman of the Manipal Education and Medical Group (MEMG), likes to keep a low profile but his business dealings often attract the headlines in the local southern media. The latest one, in which his hospital chain has bought out the troubled Fortis Healthcare’s hospitals business owned by the brothers Malvinder and Shivinder Singh, has earned him national headlines in a manner that reflects the challenges of this new acquisition.
 
The Rs 39-billion deal merging Fortis Healthcare with Manipal Hospitals Enterprises (MHEL), co-promoted by Pai and TPG Capital Asia, brings his hospital chain close to Chennai-headquartered leader