Fortis Chief Malvindra Singh flies in private jet for Lanka Hospitals Board meeting

Maximisation of synergies between world renowned healthcare firm and Lankan entity discussed
World
renowned Fortis Global Healthcare Holdings Pte, Ltd., Executive
Chairman Malvinder Mohan yesterday flew in his private jet to attend the
Board meeting of Lanka Hospitals Corporation Plc, in which the
Singapore-based Indian healthcare giant has a 29% stake.
The meeting was chaired by Lanka Hospitals Chairman Gotabaya Rajapaksa who is also the Secretary to the Ministry of Defence.



During the Board meeting discussions centred on how Fortis can add
value to Lanka Hospitals’ future expansion through technology transfer
and further medical training for Sri Lankan team.
At the Board meeting the advantages that Lanka Hospital will have over
other private sector hospitals through Fortis partnership also came
under spotlight. Among benefits include access to best medical
technology and training and ability to purchase advanced medical
equipment at competitive prices through group discounts as well as use
of laboratory services of ‘Super Religare’ the largest laboratory
service provider in Asia.
Having access to know-how to obtain international accreditations
without heavy cost on consultancy support and access to funding to
support future expansion were others. Fortis’ strategic involvement with
Lanka Hospital also opens up free fellowship opportunities for Lankan
doctors.
Sources said Fortis sees the investment in Lanka Hospitals as an
opportunity to further develop its strong network of international
partnerships.
Fortis Global Healthcare Holdings Pte. Ltd, a company owned by
Malvinder Mohan Singh and Shivinder Mohan Singh in March acquired 28.6%
stake in Lanka Hospitals for Rs. 4 billion.
It marked the entry of Fortis Global in one of Asia’s fastest growing
economies. Fortis said the acquisition was in line with its vision of
creating a Pan Asia healthcare platform and provides an access to one of
the fastest growing economies in Asia. Fortis’ acquisition, the fourth
in five months, marks an important step in achieving the Singh family’s
vision of creating a premier global healthcare group outside India. In
the last four months, Fortis has acquired the largest private primary
care company in Hong Kong, invested in the largest dental care company
in Australia and announced the acquisition of a cancer speciality
hospital project in Singapore.
Following the acquisition Malvinder M Singh said: “Lanka Hospitals is
the first step for Fortis Global to build its healthcare business
interest in one of the fastest growing economies in Asia. It is one of
the most advanced and comprehensive healthcare facility in Sri Lanka. We
believe there are tremendous opportunities for the hospital’s expansion
and we will support the company’s management in realising such growth.”
Following the acquisition Malvinder Mohan Singh was appointed as a
Director of Lanka Hospitals with Vishali Bali as alternate director;
along with Shivender Mohan Singh with Balinder Singh Dhillon as
alternate director and Sunil Godhwani with Dr. Amit Varma as alternate
director.
Meanwhile Lanka Hospitals Corporation (LHCL) yesterday announced a net
profit of Rs.131 million for the first half of 2011 financial year up by
26% over the corresponding period of last year. Second quarter net
profit was down by 3% to Rs.66 million. Revenue rose to Rs. 1.8 billion
from Rs. 1.4 billion in the first half of 2010.
Lanka Hospitals is a renowned tertiary care healthcare delivery
provider and currently one of the largest hospital groups in Sri Lanka.
The hospital speacialises in cardiology and cardiac surgery,
neuro-sciences, orthopedics and complex urology/nephrology procedures.
The 350 bed hospital is majority owned by Sri Lanka Insurance
Corporation Ltd with a stake of 55%.
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