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Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business Vote_lcap68%Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business Vote_rcap 68% [ 178 ]
Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business Vote_lcap18%Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business Vote_rcap 18% [ 47 ]
Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business Vote_lcap13%Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business Vote_rcap 13% [ 35 ]

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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business

Fortis to invest over Rs.800 million in Lanka Hospital's Laboratory business

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

May 17, 2012 (LBT) – Super Religare Laboratories (SRL) a subsidiary of Fortis Healthcare Limited, one of the largest laboratory service providers in the world will partner Lanka Hospitals in establishing a network of laboratories across the country and will invest a sum of Rs.831,100,227 over two year period in a new company and seek Section 17 BOI approval for same, a statement said.

Accordingly, in a filling to Colombo Bourse today, Lanka Hospitals Corporation PLC (LHCL) said that at its Board Meeting held on 17th May 2012 the Board of Directors granted approval for an inciorporation of its first ever fully owned subsidiary company for the purpose of expanding its laboratory business.

The statement added that the referrral lab under this new venture is the largest and the most up to date in the country and will obtain College of American Pathologists (CAP) accreditation which is the gold standard in terms of quality in laboratory services

Fortis Healthcare International a subsidiary of Fortis Healthcare Limited is the second largest shareholder of Lanka Hospitals. Early March 2011, Malvinder Mohan Singh and Shivinder Mohan Singh owned Singapore based Fortis Global Healthcare Holdings Pte. Ltd acquired a 28.6% of Lanka Hospitals PLC (LHCL) that held by the Distilleries Company of Sri Lanka (DCSL) for Rs.4 billion marking the entry of Fortis Global, in one of Asia's fastest growing economies - Sri Lanka.

That time the deal was executed on behalf of the Asian healthcare, provider by Religare Capital Markets joint-venture, with Sri Lanka’s Bartleet Mallory Stockbrokers Ltd, whilst the Distilleries company of Sri Lanka (DIST) sold their remaining 64,120,915 shares, at a price of Rs.62 per share of Lanka Hospitals PLC to Fortis Global Healthcare Holdings Pte Ltd.

Fortis Global Healthcare Holdings Pte Ltd., operates as a subsidiary of Fortis Global Healthcare Limited in India. Fortis Healthcare Limited (FHL) is one of the operators in tertiary care healthcare delivery market and the Company is engaged in healthcare services. Its projects include Shalimar Bagh hospital, Fortis International Institute of Bio Medical Science (FIIBMS), Kolkata Project and Mulund Expansion Project.
http://lbt.lk/corporate/announcements/1880-largest-lab

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