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Apr, 18 2018

China’s Fosun International Joins bidding Race For Fortis

The Chinese company has proposed a primary infusion of capital at Rs 156 per share subject to due diligence to be completed within three weeks.

India’s second-largest hospital chain Fortis Healthcare Ltd has received an unsolicited non-binding proposal from a unit of Fosun International, making the Chinese business conglomerate the fourth bidder in the Fortis stake deal.

Fosun Health Holdings Ltd intends to provide Rs 100 crore ($15 million) in the next 45 days to support the immediate cash needs of Fortis and invest up to $350 million in total, the Indian company said in a statement late Tuesday evening. The investment will give Fosun a stake of no more than 25% in Fortis, it said.

The Chinese company has proposed a primary infusion of capital at Rs 156 per share subject to due diligence to be completed within three weeks. Shares of Fortis were trading around Rs 147 apiece on Wednesday morning.

Fosun’s interest in Fortis comes after the Chinese firm completed its debut deal in the Indian healthcare sector last year to acquire a 74% stake in drugmaker Gland Pharma Ltd. Fosun, which was founded in 1992, has business interests in healthcare services, healthcare insurance, and pharmaceuticals.

The latest twist offered by Fosun in the sale of Fortis has added up to the list of bidders who already generated interest from three other bidders.

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