Fortis to demerge hospitals business into Manipal
Mumbai: Fortis Healthcare has announced plans to demerge its hospitals business (Fortis Hospitals) into Manipal Hospital Enterprises Private Limited (Manipal Hospitals).
According to a statement issued on late Tuesday night, the company said that the proposed transaction is subject to shareholders' approval, creditor's approval, applicable regulatory approvals (including Competition Commission of India, SEBI, stock exchanges and National Company Law Tribunal (NCLT)) and other customary conditions precedent.
The company's board has also approved sale of its 20 per cent stake in SRL Limited (SRL) to Manipal Hospitals.
"The resultant entity Manipal Hospitals will be a publicly traded company listed on NSE and BSE. The remaining FHL will be an investment holding company with 36.6 per cent stake in SRL," the statement said.
"As part of the proposed transaction, Dr. Ranjan Pai and TPG will invest RS 3,900 crore into Manipal Hospitals."
As per the statement, the funds will be utilised by Manipal Hospitals to "finance the acquisition of 50.9 per cent stake in SRL (20.0 per cent from FHL and 30.9 per cent from other investors for which discussions are currently underway)".
"In addition, the investment will support the proposed acquisition of hospital assets owned by RHT Health Trust ("RHT") and the growth of the hospitals and the diagnostics businesses," the statement said.
Accordingly, the combination of Manipal Hospitals and Fortis Hospitals will result in the creation of the largest provider of healthcare services in India by revenue with 41 hospitals in India and 4 hospitals overseas.
"The hospitals' complementary geographic footprints and combined clinical strengths will provide significant scale, revenue and cost synergies," the statement added.
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Surjewala slams Pratap Simha’s ‘vile’ remarks on CM Siddaramaiah, demands apology from BJP
Bengaluru (PTI): Congress general secretary and Karnataka in-charge Randeep Singh Surjewala on Saturday launched a sharp attack on the BJP over alleged disparaging remarks made by former Mysuru-Kodagu MP Pratap Simha against Chief Minister Siddaramaiah during an assembly bypoll campaign in Bagalkote.
Simha made the remarks while campaigning for BJP candidate Veerabhadrayya Charantimath, triggering a political row ahead of the by-elections scheduled for April 9.
Congress has fielded Umesh Meti, son of former MLA late M Y Meti, whose death necessitated the bye-election.
"Pratap Simha's vile remarks about Chief Minister Siddaramaiah in Bagalkot have exposed the BJP's despicable politics once again," Surjewala said in a social media post.
Alleging a larger political design, he added, "It is increasingly evident that Pratap Simha’s outburst is driven by desperation," and accused the BJP of using such remarks to target backward classes, Scheduled Castes, and minorities.
The Rajya Sabha member further claimed that the incident reflects a pattern within the party. "This is not one man's madness—it is the BJP’s political culture," he said, adding that the remarks were aimed at "denigrating leaders from marginalised communities".
Referring to past incidents, Surjewala said, "CM Siddaramaiah and his deputy D K Shivakumar have received death threats in the past, including one from BJP leaders who warned that their bodies would be stuffed into a refrigerator."
The Congress leader also criticised the BJP’s bypoll campaign strategy, alleging "internal contradictions".
He pointed to the party’s use of expelled MLA Basanagouda Patil Yatnal in campaigning despite earlier disciplinary action against him, accusing the BJP of resorting to "abuses and indignities" against opposition leaders.
Surjewala demanded immediate action from the BJP leadership, including Prime Minister Narendra Modi, BJP national president Nitin Nabin, state president B Y Vijayendra, and Leader of Opposition R Ashoka.
He said they must tender a public apology to Kannadigas, particularly to OBCs, SCs, and minorities, over the remarks, and urged the party to expel Simha if it does not repudiate his statements.
Surjewala also called for legal action, demanding that an FIR be registered against Simha and that strict measures be taken.
Warning of "political consequences", he said the electorate in the bypoll-bound constituencies would respond decisively if the BJP failed to apologise, asserting that voters would "teach the BJP a befitting lesson" in the elections.
There has been no immediate reaction from the saffron party yet.
