Fortis Healthcare Ltd is one of the largest private healthcare companies in India. The company is having a network of 28 Hospitals, Satellite Centers and Heart Command Centres with about 3300 beds capacity. These hospitals include multi-specialty hospitals as well as super-specialty centers providing tertiary and quaternary healthcare to patients in areas such as cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology and mother and child care. They are delivering quality healthcare services to our patients in modern facilities using advanced technology.
Fortis Healthcare Ltd was incorporated on February 28, 1996. The company commenced their commercial operation by setting up the Fortis Heart Institute and Multi-Speciality Hospital at Mohali in the year 2001. In December 2002, International Hospital Ltd became a board controlled subsidiary of the company.
In August 2003, Fortis Hospital in Amristar was inaugurated. In October 2003, the company executed an agreement with Seth Jessa Ram and Bros Charitable Hospital Trust for the operation and management of Jessa Ram Hospital, New Delhi and Fortis Hospital in Noida was commissioned in August 2004.
In September 28, 2005, the company acquired 90% interest in Escorts Heart Institute & Research Centre Ltd that owns and operates three hospitals in north India and operates a fourth hospital in collaboration with the Government of Chhattisgarh.
In January 2006, the company signed an agreement with Sunrise Medicare Private Ltd for the operation and management of Fortis La Femme, New Delhi. They also signed and agreement with Khalil Public Welfare Trust for the operation and maintenance of Khyber Medical Institute, Srinagar. In March 20, 2006, the company acquired 99.86% interest in International Hospital Ltd and 100% interest Oscar Bio-Tech Private Ltd from the Promoter Group for total consideration of Rs 301.5 million and Rs 30.5 million respectively.
In February 14, 2007, the company acquired 100% interest in Hiranandani Healthcare Pvt Ltd for consideration of Rs 10 million. Hiranandani Healthcare Pvt Ltd had an agreement with Navi Mumbai Municipal Corporation to develop a super-specialty hospital in West India.
During the year 2007-08, the company successfully completed an initial public offer of 45,996,439 equity share of Rs 10 each at a premium of Rs 96 per share. International Hospital Ltd and Oscar Investments Ltd acquired 48.83% and 13.34% stake respectively in Malar Hospitals Ltd for a total consideration of approx Rs 35 crore. Also, they launched Fortis Escorts Hospital in Jaipur, which focus on Cardiac Sciences, Neuro Sciences, Renal Sciences and Gastrointestinal diseases.
During the year 2008-09, Fortis Healthcare International Limited (FHIL) was incorporated as a wholly owned step-down subsidiary of the company. Through this subsidiary, the company acquired 28.89% stake in Medical and Surgical Centre Ltd, a company that owns Mauritius's largest private hospital 'Clinique Darne' which was rechristened as 'Fortis Clinique Darne'.
In January 2009, the company became a majority stake holder in Lalitha Healthcare Pvt Ltd, Bangalore consequent to conversion of preference capital and fresh infusion of equity capital and the subsidiary company was renamed as Fortis Hospital, Seshadripuram.
In June 18, 2009, the company incorporated a wholly owned subsidiary viz. Fortis Hospitals Ltd. The a main objects the subsidiary includes purchase, lease or otherwise acquire, establish, maintain, operate, run, manage or administer hospitals, medicare, healthcare, diagnostic, health aids and research centre.
In August 24, 2009, the company through a wholly owned subsidiary, Fortis Hospitals Ltd entered into a 'Business Transfer Agreement' with Wockhardt Hospitals Ltd for acquisition of 10 Hospitals (including two under construction) for an aggregate sum of Rs. 90,900 lakh. They completed the acquisition of 10 Hospitals (including 2 under construction) together with the acquisition of 10,250 equity shares of Kanishka Housing Development Company Ltd on December 17, 2009 from Wockhardt Hospitals Ltd, on a going concern basis.
International Hospital Ltd, a wholly owned subsidiary of the company increased their shareholding from 49.86% to 50.02% in the equity share capital of Malar Hospitals Ltd (MHL) by purchase of 30,000 equity shares of MHL from open market, thereby making MHL as a subsidiary International Hospital Ltd with effect from October 01, 2009.
In March 11, 2010, the company entered into a definite agreement with TPG Capital, one of the leading private investment firms for acquiring the 23.9% stake in Parkway Holdings Ltd, Singapore, one of the Asia's healthcare service provider.
The new Greenfield hospital in Shalimar Bagh in Northwest Delhi is under progress and is expected to be launched during the financial year 2009-10. Further, the construction of Fortis International Institute of Bio-Medical Sciences (FIIBMS), which is being built in Gurgaon, is also under progress abd expected to be completed during the year 2009-10. This will be the company's third Greenfield hospital in the NCR and will be the premium multi super-specialty flagship hospital of the company.
The Company intends growing in an aggressive manner to have a pan India presence with bed strength of 6000 through 40 hospitals by the year 2012.