View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
June 17, 2019updated 28 Mar 2022 9:02am

Fortis scraps plan to sell stake in RHT and RHTTM

India-based hospital chain Fortis Healthcare has decided to scrap the bidding and search process for a potential sale of its interest in RHT Health Trust (RHT) and RHT Health Trust Manager (RHTTM).

India-based hospital chain Fortis Healthcare has decided to scrap the bidding and search process for a potential sale of its interest in RHT Health Trust (RHT) and RHT Health Trust Manager (RHTTM).

The company was reportedly in negotiations with potential buyers to divest its stake in Singapore-listed Religare Health Trust (RHT) since April this year.

Fortis was quoted by the Bombay Stock Exchange as stating: “No firm proposal which is commercially viable was received and no agreement (binding or non-binding) has been reached with any of these parties in connection with the potential transactions or any other transaction involving RHT and RHTTM.

“Pursuant to an open invitation to interested parties to submit proposals in connection with the potential transactions, a process to evaluate proposals was undertaken with professional advisers, and preliminary discussions were held with certain third parties concerning the potential transactions.”

Fortis further stated: “Since the bidding process to explore the potential transaction was inconclusive, it was decided to close the bidding and search process”.

Fortis has a total stake of 27.82% in RHT, of which 25.14% is held by Fortis Healthcare International Ltd and 2.68% by the trustee-manager RHTTM, which is a Stellant unit. Fortis Healthcare directly or indirectly owns FHIL and Stellant..

Fortis Healthcare bought RHT’s assets in January 2019 after IHH injected money into Fortis in December 2018.

As a result, International Hospital, Fortis Health Management, Escorts Heart and Super Speciality Hospital, Hospitalia Eastern and Fortis Hospotel became subsidiaries of the company.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Get important industry news and analysis sent to your inbox
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Hospital Management