Plan to sell Fortis to Radha Soami Satsang

http://www.tribuneindia.com/2004/20040202/biz.htm#6
Plan to sell Fortis to Radhasoami Satsang
Tribune News Service

Chandigarh, February 1
Fortis Healthcare plans to sell the building and site of its Rs 150 crore state-of-the-art Fortis Heart and Multi-Speciality Hospital at Mohali to Beas-based Radhasoami Satsang.

"However, we will continue to run the healthcare segment of the hospital", said Mr Shivinder Mohan Singh, Joint Managing Director of Fortis Healthcare Ltd, in an interview here today.

"It is a well-thought-out move in accordance with the later business practices all over the world," he said. "We will not like our capital to be tied down in real estate. Our strength lies in our core business of health care. Hence, the move to divest ourselves of the real estate part. We have already approached the PUDA for a no objection certificate for the deal".

Mr Shivinder Mohan Singh said the capital thus freed would be utilised elsewhere to expand the healthcare business of the company. "You will a see a lot activity on the part of the Fortis Healthcare in 2004. We are already in the process of setting up two hospitals in Delhi and Noida. In Noida, we have acquired a 5.5 acre for setting up a Rs 80 crore hospital. Another piece of land measuring about Rs 7.5 acres has been acquired in west Delhi where another hospital costing about Rs 100 crore will be set up".

Punjab would continue to be the main focus of activities of Fortis Healthcare. In addition to the 200-bed hospital at Mohali, Fortis would soon be setting up hospitals in Bathinda and a few other towns.