Fortis considers listing clinical establishment to reduce debt

Fortis Healthcare is taking a multi-pronged approach, including the listing of its clinical establishment division, to reduce its debt burden that presently stands at Rs 6,237 crore.

“We are taking a number of steps to reduce the debt burden. One is private equity funding for SRL that will help in this. The better operating performance will also help us with this,” Fortis Healthcare Group CEO Vishal Bali said.

Another step is the planned business trust listing on the Singapore Exchange Securities Trading Ltd, he added. Bali, however, did give any time line for the listing of the the clinical establishment division, which comprises radiology and out patients departments of 16 hospitals, including four new facilities.

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The company’s board of directors had earlier in May granted an in-principle approval for the listing of company’s clinical establishment division on the Singapore Exchange Securities Trading Ltd.

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The listing is to be accomplished through the Religare Health Trust, a business trust whose mandate is to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets, the company had said.

The company had said it aimed to raise around Rs 2,000 crore from listing the asset. During the current fiscal, Fortis Healthcare will also be adding 1,000 beds by launching three hospitals-at Gurgaon, Ludhiana and Chennai, Bali said.

PTI