CCI approves Malaysia's IHH acquisition of Fortis Healthcare, Fortis Malar

Competition watchdog CCI has approved Malaysia-based IHH Healthcare's proposed acquisition of Fortis Healthcare and Fortis Malar Hospital.

In August, Fortis Healthcare shareholders gave their nod for the deal.

Competition Commission of India (CCI) has approved "acquisition of Fortis Healthcare Ltd and Fortis Malar Hospital Ltd by Northern TK Venture Pte Ltd," the regulator said in a tweet Wednesday.

In July, the board of Fortis Healthcare approved a Rs 4,000-crore offer from IHH Healthcare for buying 31.1 per cent stake in it. The proposal had valued the cash-strapped firm at Rs 8,880 crore.

Shareholders had also approved reclassifying members of promoter/promoter group to public shareholder category and classification of Northern TK Venture Pvt Ltd as a promoter.