Fortis Healthcare Limited is an Indian

for-profit Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessari ...

private Private or privates may refer to: Music * "In Private", by Dusty Springfield from the 1990 album ''Reputation'' * Private (band), a Denmark-based band * "Private" (Ryōko Hirosue song), from the 1999 album ''Private'', written and also recorded ...

hospital network A hospital network is a public, non-profit or for-profit company or organization that provides two or more hospitals and other broad healthcare facilities and services. A hospital network may include hospitals in one or more regions within one or ...

headquartered in

Gurgaon Gurgaon (), officially named Gurugram (), is a satellite city of Delhi and administrative headquarters of Gurgaon district, located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest ...

. The Fortis Memorial Research Institute (FMRI) in

serves as the headquarters for Fortis Healthcare. In addition to its Gurgaon facility, Fortis Healthcare operates hospitals in the

Delhi Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, but spread chiefly to the west, or beyond its Bank (geography ...

NCR, including locations in

Faridabad Faridabad () is the most populous List of cities in Haryana by population, city near NCT of Delhi in the Indian state of Haryana and a part of National Capital Region (India), Delhi National Capital Region. It is one of the major satellite citie ...

Noida Noida (), short for New Okhla Industrial Development Authority (ISO: ), is a city located in Gautam Buddha Nagar district of the Indian state of Uttar Pradesh. As per provisional reports of Census of India, the population of Noida in 2011 was ...

Vasant Kunj Vasant Kunj is a neighbourhood located in New Delhi district of Indian union territory of Delhi. The area is home to several businessmen, actors, cricketers and the former prime minister of India, Manmohan Singh. It is located close to Indira ...

, and Shalimar Bagh, along with other facilities across India,

Dubai Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...

, and

Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...

. The company currently manages 36 healthcare facilities.

History

Fortis Healthcare was founded in 1996 as an offshoot of the pharmaceutical company

Ranbaxy Laboratories Ranbaxy Laboratories Limited was an Indian multinational pharmaceutical company that was incorporated in India in 1961 and remained an entity until 2014. The company went public in 1973. Ownership of Ranbaxy changed twice over the course of its ...

. It began operating in

Mohali Mohali, officially Sahibzada Ajit Singh Nagar or Ajitgarh, is a planned city in the Mohali district in Punjab, India, Punjab, India, which is an administrative and a commercial hub lying south-west of Chandigarh. It is the headquarters of the M ...

Punjab Punjab (; ; also romanised as Panjāb or Panj-Āb) is a geopolitical, cultural, and historical region in South Asia. It is located in the northwestern part of the Indian subcontinent, comprising areas of modern-day eastern Pakistan and no ...

, where its first hospital was established. It later expanded by acquiring the healthcare division of

Escorts Group Escorts Kubota Limited, formerly Escorts Limited, is an Indian multinational conglomerate that operates in the sectors of agricultural machinery, construction machinery, material handling, and railway equipment. Its headquarters are located i ...

, including the Escorts Heart and Research Center,

Okhla Okhla, short for Old Canal Housing and Land Authority, is an urban neighbourhood located by the Okhla barrage in South East Delhi, near the border between Delhi and Uttar Pradesh. Okhla has lent its name to the nearby planned township of Ne ...

. In February 2018, founders Malvinder Singh and Shivinder Singh resigned from the board of Fortis Healthcare following allegations that they had siphoned $78 million out of the company. A month earlier, the

Delhi High Court The High Court of Delhi ( Hindustani: दिल्ली उच्च न्यायालय; ''dillī uchcha nyāyālaya'') is the high court in Delhi, India. It was established on 31 October 1966, through the ''Delhi High Court Act, 1966. ...

had upheld a 2016 Singapore arbitration tribunal order against the Singh brothers to pay 3,500 crore ($550 million) in damages to

Daiichi Sankyo is a global pharmaceutical company and the second-largest pharmaceutical company in Japan. It achieved JPY 1,278 billion in revenue in 2022. The company owns the American pharmaceutical company American Regent. Daiichi Sankyo, Inc. (DSI) began ...

for misrepresenting information during the sale of

. In March 2018,

Manipal Hospitals Manipal Health Enterprises, commonly known as Manipal Hospitals, is an Indian for-profit private hospital network headquartered in Bangalore, Karnataka. The hospitals trace their origins to the Kasturba Medical College, founded by T. M. A. P ...

and

TPG Capital TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm in ...

offered to buy out Singh brothers' stake in Fortis Healthcare for 3,900 crore. After a bidding war, Malaysia's IHH Healthcare completed the acquisition of a 31.1% controlling stake for 4,000 crore. Representatives from IHH Healthcare were appointed to the board of Fortis. Later that year, IHH Healthcare halted its

tender offer In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corp ...

to buy an additional 26% stake from public shareholders after the

Supreme Court In most legal jurisdictions, a supreme court, also known as a court of last resort, apex court, high (or final) court of appeal, and court of final appeal, is the highest court within the hierarchy of courts. Broadly speaking, the decisions of ...

ordered a status quo in response to Daiichi Sankyo's contempt plea against the Singh brothers over the stake sale. In 2019, Fortis Healthcare announced the acquisition of RHT Health Trust (RHT) assets for an enterprise value of 4,650 crore. In August 2023, Fortis announced the completion of its acquisition of Medeor Hospital in

Manesar Manesar is a town and municipal corporation, known as New gurgaon city in the Gurugram district of the state of Haryana, India and a part of the National Capital Region (NCR) of Delhi. It is an Industrial Model Township home to factories and ...

from VPS Healthcare for $27.23 million. In 2024, Fortis Healthcare announced that it would acquire a 31% stake held by

private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

firms in its diagnostics subsidiary, Agilus Diagnostics, for 1,780 crore.

References

External links

* {{coord missing, Delhi Hospitals in Haryana Hospitals in Kolkata Hospital networks in India 2018 mergers and acquisitions Hospitals in Chennai 1996 establishments in Tamil Nadu Indian companies established in 1996 Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange

History

See also

References

External links