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BusinessToday.in
New Delhi, August 15, 2018
Modi says India is now the land of reform, perform and transformPrime minister Narendra Modi delivered his fifth Independence Day Speech as PM. Running parallel to the  Ayushman Bharat-National Health Protection Scheme would be the Jan Aarogya Abhiyan which would kick off on September 25, he announced. The healthcare schemes will ensure access to good quality healthcare for the poor and marginalised. Modi also said India used to be a 'sleeping elephant', but has started walking and running now'. He announced a manned mission to space by 2022. He also thanked the business community for the success of GST.Rupee has fallen due to external factors, nothing to worry says govtThe rupee fell to a record low of 70 against the dollar on Tuesday amid fears that the financial troubles faced by Turkey may spread to other emerging economies. The rupee ended trading on Tuesday at 69.89 per dollar.Attributing the fall in rupee value against the US dollar to 'external factors', economic affairs secretary Subhash Chandra Garg said that there was nothing to worry about as long as the depreciation was in line with other currencies.Rupee has given 'vote of no confidence' to Modi by crashing to historic low, says RahulWith rupee touching a fresh all-time low of 70.08 against dollar , Congress President Rahul Gandhi turned the heat on the Narendra Modi government over its failure to control the declining rupee. The Indian currency has seen nearly 10 per cent fall this year alone. Taking a jibe at Prime Minister's remarks of \"70-year misrule\" of various parties, including the Congress, the party said \"Modiji finally managed to do something that we couldn't do in 70 years\".RBI rejects Kotak Bank's promoter stake dilution plan, says it does not meet normsDays after private lender Kotak Mahindra Bank said it had used the preference share allotment route to reduce promoter Uday Kotak's shareholding in the bank, the RBI rejected it saying \"it does not meet their promoter holding dilution requirement\". In a regulatory filing on Tuesday, Kotak Mahindra Bank said it still believes that the bank's stake dilution plan meets the requirement, and assured to continue engaging with the central bank over the issue.India's richest women: Smitha Crishna, Roshni Nadar top listA survey, prepared by Kotak Wealth-Hurun, features Smitha Crishna, the third generation heir of the Godrej empire, as the wealthiest Indian woman with net worth of Rs 37,570 crore. The total wealth of each woman featured in the top 100 women exceeds Rs 1,000 crore, while their average income is around Rs 4,000 crore. Kiran Mazumdar-Shaw is the only richest self-made women -- with the total wealth of Rs 24,790 crore - who could make it to the top 100. Following Smitha is HCL CEO and Executive Director Roshni Nadar, whose net worth is around Rs 30,200 crore. On the third spot is Indu Jain of Bennett Coleman and Co Group, whose total wealth is estimated to be around Rs 26,240 crore.Twitter launches Twitter LiteMicro-blogging platform Twitter has launched Twitter Lite Android app in 21 more countries, including India, that will minimize data usage. It will load quickly on slower networks and take up less space on a mobile device. It's on the same lines as Facebook Lite and Youtube Go. The app, built for 2G and 3G networks which are still in use in several parts of India, helps a user save on data while using it.Reliance Jio's broadband service GigaFiber registrations to start todayRegistrations for Jio GigaFiber high-speed broadband are now officially open, allowing you to show your interest in the service. Jio GigaFiber was announced last month at the company's 41st Annual General Meeting, and will provide speeds to 1Gbps, according to the company. The company will give priority to areas with the highest interest for the rollout. The Jio broadband service was being tested out for the past two years.Cash-strapped Fortis Healthcare sees signs of improvementCash-strapped Indian hospital operator Fortis Healthcare Ltd said it was starting to see some signs of recovery, as it secured shareholder approval for its takeover by Malaysia's IHH Healthcare Bhd. Fortis which operates 30 private hospitals in India has been struggling with a cash crunch, rising debt and other problems. IHH will invest 40 billion rupees at 170 rupees per share in Fortis.


BusinessToday.In
August 11, 2018
The Delhi High Court has also asked the former promoters of Fortis Healthcare Limited, popularly known as the Singh brothers, to disclose all their transactions, including gifts, since 2016.


BusinessToday.In
August 2, 2018
The Delhi High Court yesterday directed the erstwhile promoters of Fortis Healthcare (FHL), the Singh brothers, to appear in person for the next hearing of case filed by Daiichi Sankyo.


P.B. Jayakumar
New Delhi, July 23, 2018
India's $160 billion healthcare ecosystem is undergoing unprecedented shift.


PB Jayakumar
New Delhi, July 23, 2018
Most leading hospitals are struggling to make profits. At the same time, new formats, specialties and technology assisted ventures are coming up with a promise of transforming the sector.


Mail Today Bureau
July 14, 2018
The Fortis board of directors picked up IHH offer to infuse Rs 4,000 crore by way of subscription to preferential shares, over rival TPG-Manipal consortium's offer that included Rs 2,100 crore infusion and merger of Manipal Hospitals with Fortis Healthcare.


BusinessToday.in
New Delhi, July 13, 2018
Sensex hits fresh high of 36,740, Nifty at 11,057; Wipro, Reliance Industries, Infosys top gainersThe Sensex and Nifty continued their rally in early trade today despite flow of negative news on macroeconomic front on Thursday. While the Sensex rose 174 points or 0.48% to 36,723 level, the Nifty climbed 35 points or 0.32% to 11,058 level.Fortis accepts $584 million stake deal from Malaysia's IHH HealthcareFortis Healthcare Ltd said on Friday that it accepted an investment offer from Malaysia's IHH Healthcare Bhd, capping a months-long bidding war for control of the firm that drew interest from domestic as well as international suitors. Cash-strapped Fortis said IHH will invest Rs 40 billion at Rs 170 per share in the company that operates about 30 private hospitals in India.Retail inflation hits 5-month high in June on soaring fuel prices, weak rupeeAccording to data released by the Central Statistics Office (CSO) on Thursday the retail inflation soared to 5 per cent in June compared to 4.87 per cent seen in May. This amounts to a five-month high in retail inflation, which is calculated on the basis of Consumer Price Index. The latest jump in consumer inflation comes on the back of a depreciating rupee and skyrocketing fuel prices.Industrial output slips to 7-month low of 3.2% in May over sluggish manufacturing, power activityIndia's Industrial Production (IIP) declined to a seven-month low of 3.2 per cent in May as compared to 4.8 per cent in April, mainly due to slow manufacturing activity and sluggish performance of power sectors, and the FMCG sector. Data released on Thursday by the Ministry of Statistics and Programme Implementation showed that the cumulative growth in May over the corresponding period last year stands at 4 per cent.RBI makes it mandatory to mention buyer's name on demand draft to curb money launderingThe central bank on Thursday said it has decided to make it mandatory to mention the name of a purchaser on the face of a demand draft (DD) at a bank branch. The decision was taken by the Reserve Bank of India to make banking instruments safer and stronger.


BusinessToday.In
July 13, 2018
In a regulatory filing Fortis Healthcare disclosed that its board had decided to recommend the binding investment proposal from IHH Healthcare Berhad (IHH) to invest Rs 4,000 crore by way of preferential allotment at a price per share of 170.


PTI
July 11, 2018
The company had received binding bids from Malaysia's IHH Healthcare and Manipal-TPG combine on July 3, the last day of submission of fresh round of bids called by a newly constituted board.


BusinessToday.in
New Delhi, July 10, 2018
China agrees to cut tariffs on Indian cancer drugsChina said on Monday it had reached an agreement with India to reduce tariffs and increase imports of Indian medicines, particularly anti-cancer drugs. The decision was part of its efforts to broaden trade relations amid its on-going spat with the United States. Both India and China slashed import tariffs of a range of products starting July 1, following the fourth round of negotiations under the Asia Pacific Trade Agreement (APTA), which also includes Bangladesh, Laos, South Korea and Sri Lanka.Income Tax dept sells Cairn Energy shares in Vedanta for $216 millionCairn Energy said it would write down the value of its investment in Vedanta Ltd after Indian tax authorities sold $216 million worth of its shares in the Indian mining company to recover a part of Rs 10,247-crore demanded as retrospective tax. The UK company said it still holds about 3 per cent in Vedanta Ltd after the sale, while warning that it was possible that the Indian tax department might make further sales.Department of Telecom conditionally approves Idea-Vodafone merger dealThe Department of Telecom (DoT) gave its nod to the Vodafone India-Idea Cellular deal to form the biggest telecom entity in India, but with some riders. An official told PTI that DoT has cleared the Vodafone-Idea merger. They will have to meet conditions for final approval. Earlier, it was reported the DoT was looking to raise a fresh demand of around Rs 4,700 crore ahead of the merger deal between Vodafone India and Idea Cellular over one-time spectrum charges on Vodafone.Mark Zuckerberg overtakes Warren Buffet to emerge world's third-richest man with $81.6 bn net worthFacebook's stock has not only recovered from the hammering it took in the wake of the Cambridge Analytica privacy scandal earlier this year, but spiked 2.4 per cent to hit an all-time high on Friday. And in the bargain, it has propelled its co-founder and CEO Mark Zuckerberg into the Top 3 list of billionaires. He is now the world's third-richest man after Amazon's Jeff Bezos and Microsoft co-founder Bill Gates.Malaysia's IHH Healthcare Berhad outbids TPG-Manipal in the battle for Fortis: ReportIn its second round of bidding, cash-strapped Fortis Healthcare received only two binding bids, from Malaysia's IHH Healthcare Berhad and TPG-backed Manipal Health Enterprises Ltd. And the buzz is that the former has an edge over FHL's earliest suitor. According to Mint, IHH is likely to acquire control of India's second-largest private hospital chain with a binding offer for a stake of at least 51 per cent for Rs 4,700-5,400 crore.Yahoo Japan buys back $2 billion of shares in three-way deal with SoftBank, AltabaYahoo Japan Corp is buying back around $2 billion worth of its shares from SoftBank Group Corp as part of a three-way deal with its top shareholders, U.S. investment firm Altaba Inc and SoftBank.The deal will see Altaba, which was formerly the internet giant Yahoo! Inc, sell down its stake in Yahoo Japan by around $2 billion and SoftBank raise its stake slightly in Yahoo Japan to around 48 percent.


BusinessToday.In
New Delhi, July 9, 2018
IHH Healthcare will first buy around 25 per cent in FHL through a mix of direct acquisition and preferential allotment, which cost around Rs 2,200-2,400 crore.


PTI
New Delhi, July 7, 2018
The audited results for the March quarter and FY 18 are in line with the unaudited numbers released on June 27. In its unaudited financial numbers, Fortis had reported widening of consolidated net loss to Rs 914.32 crore in Q4 FY18.


BusinessToday.In
New Delhi, July 5, 2018
Ever since Bhavdeep Singh was roped in as CEO by the country's second-largest hospital chain, its losses rose from Rs 73.6 crore in 2015-16 to Rs 74.7 crore in 2016-17.


Mail Today Bureau
July 4, 2018
In a regulatory filing, Fortis Healthcare said it has fresh binding bids without specifying details. The Board of Directors of the company received binding Bids on July 3, 2018. The bids will be evaluated by the board in consultation with its advisors.


PTI
New Delhi, July 3, 2018
As per the fresh criteria, which was put up by the Fortis board on May 29, the potential buyer had to make a minimum investment of Rs 1,500 crore into Fortis Healthcare by way of preferential allotment.


BusinessToday.In
July 3, 2018
IHH today issued a letter to board of Fortis setting out a binding offer, which supersedes and replaced enhanced revised proposal.


BusinessToday.In
New Delhi, June 29, 2018
As per the criteria set by the company, the buyer has to make a minimum investment of Rs 1,500 crore in FHL by way of preferential allotment.


BusinessToday.In
New Delhi, June 28, 2018
Malvinder and his brother Shivinder Singh had resigned as directors from FHL's board in February this year, following the Delhi High Court order upholding the Rs 3,500 crore arbitral award in favour of Daiichi Sankyo.


BusinessToday.In
New Delhi, June 27, 2018
The total impairment loss for the year was pegged at around Rs 327 crore, including Rs 125 crore on account of FHL's investments in Escorts Heart Institute and Research Center.


Rajeev Dubey
June 18, 2018
The government and India's private hospital chains have strongly disagreed over the pricing of the 1350 procedures that the government plans to cover under the Ayushman Bharat (National Health Protection Scheme).


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