Fortis Health eyes unlisted hospital chain

Fortis Healthcare is in talks to buy a majority stake in unlisted Care Hospitals based in Hyderabad, the Economic Times newspaper reported on Wednesday.                                           

The acquisition would help the Delhi-based hospitals chain to have presence in south India and bridge the gap with rival and India's largest healthcare chain Apollo Hospitals Enterprise, the report said citing three unidentified persons.                              
 

Fortis is in discussions with a few minority investors including Rakesh Jhunjhunwala, UK-based fund Ashmore and Matrix Laboratories founder N Prasad, who jointly own about 50% in Care Hospitals, the report said.                                           
 

The 50% stake could cost above Rs500 million, the report said.                                           

A Fortis Healthcare spokeswoman and an Ashmore spokesman declined to comment, while Prasad and Jhunjhunwala did not reply to e-mail queries, the report said.                                            

N Krishna Reddy, chief executive, Care Hospitals, also did not respond to several calls and text messages, the report said.    
 

Fortis Healthcare officials could not be reached immediately for a comment by Reuters.