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Monday, December 11, 2006

Fortis plans Rs 2250cr expansion by 2010

Ranbaxy Group company, Fortis Healthcare is planning a mega expansion, including through acquisitions, a move that can entail an investment of over Rs 2,250 crore by 2010, reports agencies.

The Delhi-based healthcare firm, which has sought the help of global consulting firm McKinsey for its expansion plans, is looking to have a total of 35 to 40 hospitals in north, south and west India in the next four years, an industry source said.

"The expansion will include both organic and inorganic route and by the end of it the healthcare firm is likely to have a total bed capacity of 6000-8000, as against the current 2000 beds," the source said.

As per the plans, Fortis is planning to have at least 20 hospitals in North India and another 15-20 in South and West Indian regions, the source added.

When contacted Fortis Healthcare managing director Shivinder Mohan Singh declined to comment on the future plans stating the company was currently under the IPO process and it could not make statements beyond what has been stated in the prospectus filed with Sebi.

The company is planning to raise about Rs 730 crore from its upcoming IPO to retire debt incurred while acquiring Escorts Heart Institute and Research Centre as well as funding of its three ongoing projects in north India.

The source, however, said Fortis is actively pursuing expansion of its hub and spoke model along with its La Femme facilities, which provide comprehensive healthcare facility to women.

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