Fortis Intensifies Focus On Healthcare Delivery In India

Fortis Healthcare on Friday informed BSE that the company has sold its Singapore based diagnostics business to Radlink Asia. The company in the stock market disclosure said it has decided to divest its entire 100% shareholding in RadLink for $137 million. Radlink is engaged in the provision of healthcare services including the provision of outpatient diagnostic and molecular imaging services in Singapore. The offer price is reflective of the value and efficiencies added by the Fortis group. The deal will be successfully closed following the necessary statutory and regulatory approvals as per local requirements.

In the statement Malvinder Singh, executive chairman and Shivinder Singh, executive vice chairman said, "This is in line with our strategic decision to intensify our focus on our core hospital and diagnostics business in India. Our international healthcare businesses have all done well. The significant value that we have created, is now being unlocked and will be ploughed back to strengthen our growth in India."

The shares of the company has surged by 10% to Rs 132 after the announcement. The stock has touched a 52-week high of Rs 136 on NSE.