MUMBAI:Fortis Healthcare, managed by Malvinder Singh and Shivinder Singh, said it sold its hospital in Singapore to Concorde Medical Services for about Rs 250 crore to increase its focus on the domestic market.
The transaction will be completed by the end of first week of April.
“Our decision to divest is in tune with our stated strategy to intensify our focus on our hospitals and diagnostics business in India,” Malvinder Singh, executive chairman and Shivinder Singh, executive vice chairman said in a joint statement from New Delhi.
J P Morgan and Religare Capital Markets acted as financial advisors to Fortis for the transaction.
Fortis operates 55 healthcare facilities across India, Singapore, Dubai, Sri Lanka and Mauritius with about 10,000 potential beds and 276 diagnostics centres.
Opened in July 2012, the 31-bed Fortis Surgical Hospital specialized in colorectal, urology, and gynecology, plastic and general surgeries. Shares of Fortis Healthcare rose 4.5% to Rs 163.45 on BSE on Friday.