Fortis Healthcare and Fortis International to become one

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Indian hospital chain Fortis Healthcare (India) Ltd will buy Singapore-based sister firm Fortis Healthcare International in a move to bring all of the group’s health businesses under one firm, group Chairman Malvinder Singh said.

The board of Fortis Healthcare on Monday approved a plan to buy out Fortis Healthcare International, a group executive said.

Terms of the all-cash deal will be set by an independent valuer and a deal will be closed by December, Singh told Reuters.

Both companies expect revenue of about $500 million each in the current fiscal year, including Fortis Healthcare’s recently-acquired Super Religare Laboratories , a group executive said.

Ref and Read more: http://www.reuters.com/article/2011/09/19/india-fortis-idUSL3E7KJ0FP20110919

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