Fortis takes over large hospital chain in Vietnam
Fortis Healthcare International Pvt Ltd, on Wednesday, announced that it has entered into an agreement to acquire 65 per cent stake in Hoan My Corporation (HMC), Vietnam which operates a network of 5 hospitals across the country. The transaction value was US$ 64 million (about Rs 290 crore).
Established in 1997 HMC has grown to become one of Vietnam’s largest private healthcare provider groups with 700 beds across 5 hospitals and its new 200 bed state of art tertiary care hospital is scheduled to open in Ho Chi Minh City by November 2011.
Fortis Heathcare International, with its healthcare delivery network presence in 8 countries including Hong Kong, Australia, New Zealand, Singapore, Sri Lanka, Dubai, Mauritius and India is currently building a new specialty surgical hospital in Singapore.
“Our aim is to create an integrated healthcare business, leveraging off synergies and scale, driven by quality medical professionals and infrastructure, said Fortis Global Healthcare CEO Vishal Bali. “The HMC acquisition fits well into this plan and provides us an access to the Indochina region.”
According to Bali, Vietnam offers significant growth opportunities because the government spends 6.7 per cent of GDP in healthcare and has a plan to bring the entire population under the universal health insurance scheme. Moreover, Vietnamese spend more than a billion dollar abroad for quality healthcare. Fortis’ latest investment, the sixth in eight months, marks an important step in consolidating its presence in the growing healthcare delivery market in Asia, Bali said.
