Fortis Healthcare has decided to divest 100 per cent stake in healthcare service provider RadLink-Asia and its arm RadLink Singapore to Medi-Rad Associates for 137 million Singapore dollars (over Rs 655 crore).
"Fortis Healthcare Singapore Pte Ltd, a subsidiary of Fortis Healthcare International Pte Ltd, one of our step-down subsidiaries in Singapore, today announced its decision to divest 100 per cent shareholding in RadLink-Asia Pte Ltd and its subsidiaries, 'RadLink', Singapore to Medi-Rad Associates Ltd, an indirect wholly-owned subsidiary of IHH Healthcare Berhad, for 137,000,000 Singapore dollars," Fortis Healthcare said in a statement.
The deal will be successfully closed following the necessary statutory and regulatory approvals as per local requirements, it added.
RadLink is engaged in providing healthcare services including outpatient diagnostic and molecular imaging services in Singapore, Fortis Healthcare said.
"This is in line with our strategic decision to intensify our focus on our core hospital and diagnostics business in India," Fortis Healthcare executive chairman Malvinder Singh and executive vice chairman Shivinder Singh said.
The company's international healthcare businesses have all done well and the significant value that it has created, is now being unlocked and will be ploughed back to strengthen growth in India, they added.
"Singapore will always remain strategic and integral to our business plans for the future. We are committed to grow the relationships and partnerships that we have established here, the most prominent being our association with the Economic Development Board of Singapore (EDB) and the SGX listed Religare Healthcare Trust," they added.
During fiscal year 2014, Fortis added over 800 beds to its network in India. Currently it operates in India, Singapore, Dubai, Mauritius and Sri Lanka with 66 healthcare facilities (including projects under development), over 10,000 potential beds and 282 diagnostic centres.