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Fortis will grow stronger under IHH ownership: Singh brothers

Press Trust of India  |  New Delhi 

Former promoters, Singh brothers today said the will grow stronger under the new ownership of

Similarly, Munjals-Burmans combine which did not participate in the fresh round of bidding, also hoped that the Malaysian chain will bring its global capabilities to India, and take to new heights.

Congratulating and in their new partnership, Malvinder Singh and Shivinder Singh said in a joint statement, "We are confident that the organisation will grow stronger under the new ownership, continuing to deliver world class quality care and always putting patients first".

The brothers, who have denied allegations that they took funds from the company further said, "We are very happy to note the successful completion and selection of as the for Fortis".

In a separate joint statement, Hero Enterprise and congratulated IHH on being selected the new for

"Fortis is a great national asset, and we hope that IHH will bring its global capabilities to India, and will take Fortis to new heights. We wish them and the entire Fortis family the very best," they added.

board today approved Rs 4,000-crore offer from Malaysia's IHH Healthcare for 31.1 per cent stake in it, valuing the cash-strapped firm at Rs 8,880 crore thus ending months of takeover battle.

IHH Healthcare, which is expected to gain majority control of India's second-largest after a mandatory open offer for an additional 26 per cent stake, said in the long term it will rebrand Fortis into its own Gleneagles chain.

The Malaysian healthcare major, which offered to infuse the capital at Rs 170 per share pipped rival Manipal-TPG combine's Rs 2,100-crore offer at Rs 160 per share.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 20:35 IST