In its first acquisition in any emerging Southeast Asian market, Indian healthcare major Fortis will pick up a 65 per cent stake in Vietnam’s Hoan My Medical Corporation (HMC) for Rs 289 crore ($64 million). This will be the sixth acquisition in eight months for Fortis Healthcare International. HMC is one of Vietnam’s largest private healthcare providers, with 700 beds across five hospitals and another 200-bed tertiary care hospital scheduled to open towards of the end of the year. In 2010, the firm posted revenue of $23.8 million.
This acquisition would help Fortis Healthcare International to establish its presence in one of Asia’s fastest growing regions. Vietnam is the 13th most populous country in the world and its 89 million citizens are aspiring for better healthcare services. The acquisition has been directly funded by the Singh brothers, and is expected to be completed in the next 45 days. All permissions from Vietnam’s communist government have also been procured. Healthcare spending in Vietnam is expected to grow at an annual rate of 10.3 per cent till 2015. Also, about 6.5 per cent GDP (gross domestic product) is spent on healthcare, which is higher than many other Southeast Asia countries.
The move is part of Fortis International’s larger strategy of creating a wider Asian presence. The healthcare major’s recent purchases in the region include that of Hong Kong’s largest private primary care company, the largest dental care company in Australia, an under-construction speciality hospital in Singapore as well as a stake in an existing hospital in Sri Lanka. Apart from these territories, Fortis International also has a presence in Dubai, Mauritius and New Zealand.crackcrack
| Company Name | CMP |
|---|---|
| Apollo Hospital Ent. | 7248.75 |
| Max Healthcare Inst | 1166.60 |
| Narayana Hrudayalay | 1286.30 |
| Aster DM Healthcare | 486.85 |
| Global Health | 1098.95 |
| View more.. | |
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