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Fortis Healthcare

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Fortis Healthcare Limited
Company typePublic
BSE: 532843
NSE: FORTIS
IndustryHealthcare
Founded1996; 29 years ago (1996)
Headquarters
Gurgaon
,
India
Area served
Worldwide
Key people
Ravi Rajagopal (Chairman)[1]
ProductsHospitals, Pharmacy, Diagnostic centres
RevenueIncrease ₹6,931 crore (US$820 million) (2024)
Increase ₹832 crore (US$98 million) (2024)
Increase ₹645 crore (US$76 million) (2024)
Number of employees
23,000 (2023)
ParentIHH Healthcare (31.1%)
SubsidiariesAgilus Diagnostics
Websitewww.fortishealthcare.com
Footnotes / references
Financials as of 31 March 2024.[2]

Fortis Healthcare Limited is an Indian for-profit private hospital network headquartered in Gurgaon.

The Fortis Memorial Research Institute (FMRI) in Gurgaon serves as the headquarters for Fortis Healthcare.[3][4] In addition to its Gurgaon facility, Fortis Healthcare operates hospitals in the Delhi NCR, including locations in Faridabad, Noida, Vasant Kunj, and Shalimar Bagh, along with other facilities across India, Dubai, and Sri Lanka. The company currently[when?] manages 36 healthcare facilities.[5][6]

History

Fortis Healthcare was founded in 1996 as an offshoot of the pharmaceutical company Ranbaxy Laboratories.[7] It began operating in Mohali, Punjab, where its first hospital was established. It later expanded by acquiring the healthcare division of Escorts Group, including the Escorts Heart and Research Center, Okhla, Delhi.[8]

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 had upheld a 2016 Singapore arbitration tribunal order against the Singh brothers to pay ₹3,500 crore ($550 million) in damages to Daiichi Sankyo for misrepresenting information during the sale of Ranbaxy Laboratories.[9][10]

In March 2018, Manipal Hospitals and TPG Capital offered to buy out Singh brothers' stake in Fortis Healthcare for ₹3,900 crore.[11][12][13] After a bidding war,[14] 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.[15] Later that year, IHH Healthcare halted its tender offer to buy an additional 26% stake from public shareholders after the Supreme Court ordered a status quo in response to Daiichi Sankyo's contempt plea against the Singh brothers over the stake sale.[16]

In 2019, Fortis Healthcare announced the acquisition of RHT Health Trust (RHT) assets for an enterprise value of ₹4,650 crore.[17]

In August 2023, Fortis announced the completion of its acquisition of Medeor Hospital in Manesar from VPS Healthcare for $27.23 million.[18]

In 2024, Fortis Healthcare announced that it would acquire a 31% stake held by private equity firms in its diagnostics subsidiary, Agilus Diagnostics, for ₹1,780 crore.[19]

See also

References

  1. ^ "Fortis Healthcare appoints Ashutosh Raghuvanshi as CEO". The Economic Times. economictimes.indiatimes.com. Retrieved 7 February 2019.
  2. ^ "Audited Standalone & Consolidated Financial Results for FY 2023-24". Fortis Healthcare. Retrieved 8 May 2025.
  3. ^ "Fortis Memorial Research Institute bags recognition as smart hospital". www.biospectrumindia.com. Retrieved 16 March 2022.
  4. ^ Newsweek (2 March 2022). "World's Best Hospitals 2022 - India". Newsweek. Retrieved 16 March 2022.
  5. ^ "Fortis Healthcare – About Us".
  6. ^ "FORTIS HEALTHCARE LIMITED - Company, directors and contact details | Zauba Corp".
  7. ^ Gupta, Ashish; Ghosh, Debojyoti (13 June 2018). "The war for Fortis". Fortune India. Retrieved 8 May 2025.
  8. ^ "Fortis acquires Escorts Heart". Business Standard. 29 September 2005. Retrieved 8 May 2025.
  9. ^ Altstedter, Ari; Smith Alexander, George; P R, Sanjai (9 February 2018). "Singhs Said to Have Taken $78 Million From Fortis Healthcare". Bloomberg. Retrieved 8 May 2025.
  10. ^ Thacker, Teena (8 February 2018). "Fortis Healthcare promoters Malvinder, Shivinder Singh resign from board". Mint. Retrieved 8 May 2025.
  11. ^ "Fortis Healthcare Ltd". Business Standard India.
  12. ^ Sen, Amiti (28 March 2018). "Manipal Hospitals buys Fortis hospitals biz". @businessline.
  13. ^ "TPG-backed Manipal acquires Fortis Health, SRL Diagnostics". The Times of India. 28 March 2018.
  14. ^ "Timeline: Fortis Healthcare bidding war - The story so far". Reuters. Retrieved 8 May 2025.
  15. ^ "IHH Healthcare completes Fortis deal by acquiring 31% stake". Live Mint. 14 November 2018.
  16. ^ "IHH Healthcare halts open offer for Fortis after Supreme Court ruling". Reuters. 17 December 2018. Retrieved 8 May 2025.
  17. ^ "Fortis completes acquisition of RHT assets at enterprise value of Rs 4650 crore". Medical Dialogues. 17 January 2019.
  18. ^ nagamanigrandhi (30 August 2023). "Fortis Healthcare acquires Medeor Hospital in India for $27.23m". Hospital Management. Retrieved 30 August 2023.
  19. ^ "Fortis Healthcare gets CCI nod to acquire additional stake in Agilus Diagnostics for Rs 1,780 cr". The Economic Times. 29 October 2024. ISSN 0013-0389. Retrieved 16 December 2024.

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