Fortis healthcare will acquire stakes in Parkway Holdings
An India-based health care company bought a stake in Parkway Holdings. On March 11, 2010, famous Indian hospital chain, Fortis Healthcare & Religare Enterprise, Ltd., announced that it acquired TPG’s (formerly known as Texas Pacific Group) minority stake in Parkway Holdings, a Singapore-based healthcare firm. TPG sold its 23.9% stake for nearly Rs.31 billion ($685.3 million). In a statement, issued by Fortis, the company said that it is looking forward to have four seats on the board of directors of Parkway and Malvinder Mohan Singh, Chairman, Fortis Healthcare would be the chairman of the board of the Parkway. Mr. Singh hopes that this acquisition would expand Fortis’ footprint in the region and help Fortis Healthcare to move to the top position in the Asian healthcare industry.
Parkway Holdings is a Singapore based medical company and the largest health care provider in the South Asian region. Parkway Holdings owns three private hospitals in Singapore-EastShoreHospital, GleneaglesHospital and MountElizabethHospital. Parkway Holdings also has a network of sixteen hospitals with a capacity of 3,400 beds. The hospitals are located in six countries including Malaysia, India, and Brunei. The company also provides medical-tourism. Some of Parkway’s hospitals are subjected to international healthcare accreditation.