• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

G R N Somashekar

Mr Shivinder Mohan Singh, MD, Fortis Healthcare Ltd and Escorts Heart Institute and Research Centre, and Mr Bhavdeep Singh, CEO, at a press conference in Bangalore on Tuesday. —

Our Bureau

Bangalore, April 7 Fortis Healthcare Ltd expects to expand its network to 40 hospitals and almost double to 6,000 beds by 2012, the economic slowdown not quite pinching it or the sector.

The Rs 1,000-crore rights issue, for which it recently sought SEBI’s approval, should carry the plan through, said Mr Shivinder Mohan Singh, Managing Director, Fortis Healthcare. Around Rs 200 crore of the amount, he said, should be available to drive the growth, which includes acquisitions of small and mid-sized facilities in the country.

The hitherto North-based company has been gaining a national footprint. It recently acquired stakes in hospitals located in Mumbai, Chennai (48 per cent in Malar Hospitals) and Bangalore. In January this year, Fortis acquired Apollo’s stake in the 75-bed renal care centre, the former Apollo RM Hospital, for an undisclosed sum and now holds 66 per cent in it.

Mr Singh said the Bangalore facility, renamed Fortis Hospital Seshadripuram, would be the company’s entry point in Bangalore and would be further upgraded to 200 beds with additional specialties. Fortis, with its 29 hospitals and 3,000 beds, claims to be the second largest hospital chain in the country.

“We have filed for a Rs 1,000-crore rights issue. [If that is approved and done,] that should carry us through for the next three years.” A portion of it could be used for acquisitions, he told a news conference here on Tuesday.

Asked about being mentioned in connection with a possible major Mumbai acquisition, Mr Singh merely said Fortis was, in general, open to buying any good asset. In the South and West, the high cost of land makes it difficult to build greenfield hospitals. Fortis is looking at public-private tie-up opportunities as well as acquisitions wherever they were feasible. In the domestic scene, Mr Singh said, “Karnataka is very important for us in deepening our presence in the South. This takes us a step closer to becoming a national player. We shall continue to expand our presence in the South.” The plan was to have a minimum of three hospitals in Bangalore in the near future.

More Stories on : Outlook | Medical Institutions & Hospitals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line