Fortis Healthcare, India’s one of the biggest Healthcare Chains has acquired Sri Lanka based Hospital Increasing its footprint in Asia, Fortis Healthcare has acquired a 29% stake in Colombo-based Lanka Hospitals Corp for around Rs 163 crore ($36.3 million). This comes close on the heels of the group’s acquisition of a cancer hospital in Singapore last month.
This is the first step for Fortis Global Healthcare to build its healthcare business interest in one of the fastest growing economies in Asia,” Fortis Global Healthcare Executive Chairman Malvinder Mohan Singh said in a statement.Lanka Hospitals runs a 350-bed hospital and is majority owned by Sri Lanka Insurance Corp., a government entity, and is a tertiary care healthcare delivery provider and one of the largest hospital groups in Sri Lanka. The 350-bed hospital is majority-owned by Sri Lanka Insurance Corporation, a Sri Lanka government company.
The Lanka Hospitals Corporation Plc offers health care services in Sri Lanka. The company provides emergency, cardiac thoracic, dental and eye clinic, kidney care centre, fertility centre, health check, mother and baby care, diagnostic, cosmetic centre, oto-rhino-laryngology, blood bank, and general surgery services. It also offers out patients department, on call medical consultant, and 24 hour pharmacy services, as well as support services. The hospital specializes in cardiology and cardiac surgery, neuro-sciences, orthopaedics and complex urology/nephrology procedures.The company was incorporated in 1997 and is based in Colombo, Sri Lanka. The Lanka Hospitals Corporation Plc is a subsidiary of Sri Lanka Insurance Corporation Limited.
The acquisition is in line with Fortis Global Healthcare’s vision of creating a pan Asia healthcare platform and provides an access to one of the fastest growing economies in Asia.
Malvinder Mohan Singh, executive chairman of Fortis Global Healthcare, said: “Lanka Hospitals is the first step for Fortis Global to build its healthcare business interest in one of the fastest growing economies in Asia. It is one of the most advanced and comprehensive healthcare facility in Sri Lanka. We believe there are tremendous opportunities for the hospital’s expansion and we will support the company’s management inrealising such growth”.
Fortis Healthcare’s latest acquisition, the fourth in five months, marks an important step in achieving the Vision of Fortis to create a premier global healthcare group outside India. In the last four months, Fortis has acquired the largest private primary care company Hong Kong, invested in the largest dental care company in Australia and announced the acquisition of a cancer speciality hospital project in Singapore.