Fortis completes sale of Quality Healthcare for $355 mn
New Delhi: Fortis Healthcare on Thursday said it has completed the sale of its entire stake in Hong Kong-based Quality Healthcare to Bupa for USD 355 million.
The transaction to divest 100 percent holding in Altai Investments, the holding company of Quality Healthcare, Hong Kong, has been completed, Fortis Healthcare said in a filing to the BSE.
Fortis Healthcare, promoted by Malvinder Singh and Shivinder Singh, held the stake in Quality Healthcare through its Singapore subsidiary Fortis Healthcare International Pte Ltd.
Earlier this month, the company had announced its decision to sell its 100 percent stake in Altai Investments to pare debt.
The Singh brothers had stated that the divestment was in alignment with the company's business priorities and the decision "to intensify focus on core hospital and diagnostic business in India with a clear path to profitability".
It further said that the divestment enables the company to "substantially improve net debt equity ratio, creating further room for growth".
After divestment in Quality Healthcare, India revenue will account for nearly 95 percent of the company's total revenue, the company had said.