Fortis is based in India, and has operations in 16 cities across 11 states in India.
"This acquisition will significantly expand our footprint across the region and place us strategically for geographical and clinical leadership in Asia," the Straits Times reported Fortis chairman Malvinder Singh as saying.
The acquisition will see Fortis expand its hospital network to over 10,000 beds, which includes Parkway’s stable of 16 hospitals and 3,400 beds in six countries - Singapore, Malaysia, Brunei, India, China and the UAE, Reuters reported.
“Strategically, it is a very good deal for the company and the healthcare sector," Reuters reported healthcare analyst at IIFL Capital Bino Pathiparampil as saying.
"This deal takes Fortis to a different level and will raise the brand equity of the company in India as well."
Source: Reuters, Straits Times
