Fortis to buy 86% in group firm Super Religare

Hospital chain Fortis Healthcare, seeking to expand its service offerings, is acquiring 86% stake in Super Religare Laboratories (SRL) that runs diagnostic centres and pathology laboratories across India.

Financial details of the deal were not disclosed.

Both Fortis and SRL are controlled by brothers Malvinder and Shivinder Singh.

Fortis, which has 56 hospitals, recently added two verticals, one for diabetes and metabolic diseases, and another for stem cell therapy. It plans to set up 25 hospitals in Tier II and III towns over the next two years.

SRL has a network of 181 laboratories, 15 wellness centres and over 800 collection centres. It acquired the diagnostic business of Piramal Healthcare in 2010, making it one of the top organised players in the pathlab industry in India.

Shivinder Singh, MD of Fortis Healthcare, said the hospital chain saw a great benefit in adding new specialty-based verticals. “The addition of diagnostics will enhance the quality of care to our customers.”

Experts say this move by Fortis is to expand its healthcare verticals and move deeper into the Indian and overseas markets.

“The main purpose is to increase the market value of the hospital chain. Fortis is going pan-India and this acquisition is a step to facilitate the same,” said Ankur Bharti, consultant, Technopak.