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Friday, March 4, 2011

Sri Lanka hospital stake bought by India's Fortis

Mar 04, 2011 (LBO) - India's Fortis Healthcare group has bought a stake owned by Sri Lanka's Distilleries in Lanka Hospitals, formerly part of the Indian Apollo chain, for 3.98 billion rupees as part of a recent acquisition spree.

Fortis Healthcare Global Holding bought 64 million shares or a 28.6 percent stake of Lanka Hospitals Corporation at 62 rupees a share.

The deal was done through Religare Capital Markets joint-venture with Bartleet Mallory Stockbrokers the financial advisor to Fortis on the transaction, a statement said.

The stake had been owned by Harry Jayawardena's Distilleries group.

The Fortis group, India’s second largest private hospital chain, runs 50 hospitals and has been buying overseas hospitals in recent months.

In February 2011, Fortis Global acquired a majority stake in Australia’s Dental Corporation Holdings, just after it bought an under-construction specialized cancer hospital in Singapore.

Fortis Global is the wholly-owned overseas investment vehicle of the promoters of Fortis Healthcare, Malvinder Mohan Singh and Shvinder Mohan Singh, who have said they aim to build "a global integrated healthcare platform."

source - www.lbo.lk