Fortis to list India pathology unit next year

Singapore: Fortis Healthcare Ltd. plans to list its pathology unit in India next year and is seeking other acquisitions in Asia after walking away from a bidding war for the region's largest hospital operator.

The company also plans to start a health insurance business in India and is in talks with the country's regulators, billionaire Chairman Malvinder Singh said in an interview in Singapore yesterday.

He declined to say when the business may begin.

Fortis will forge ahead with plans to use Singapore as a base to become a "pan-Asia health-care leader" and has a team scouting for opportunities in the region, Singh said.

Takeover

New Delhi-based Fortis agreed to sell its stake in Parkway Holdings Ltd. this week after Malaysia's Khazanah Nasional Bhd. trumped an offer by the Indian company to take over the Singapore-based hospital operator.

"In Asia we see huge opportunities for health care. We see a substantial demand-supply gap.

"Asia is in a strong position from a GDP-growth viewpoint and the need for health care," Singh said.

Singh, based in Singapore, said the Indian company is looking at investing in the city-state.

He declined to give details on possible targets and how much might be spent.

Fortis may also have its shares traded in Singapore to tap capital markets in the city, Singh said, without giving a timeframe.

Fortis gained less than 0.1 per cent to Rs157.10 at the 3.30pm close in Mumbai trading, while India's benchmark Sensitive Index rose by 0.2 per cent.

Company vision

"Parkway was a vehicle and platform that we wanted to build upon and leverage in order to achieve our vision," Singh said.

"It's not Parkway today, it will be something else."