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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
UT with dual power structure 'worst form of govt', says Omar Abdullah
Srinagar (PTI): Terming the current administrative structure in Jammu and Kashmir the “worst form of government”, Chief Minister Omar Abdullah has called for an urgent shift toward full statehood while acknowledging that significant progress has been made in narrowing differences with the Centre over the transaction of business rules.
The chief minister also hit out at vested interests making efforts to create a political wedge between Jammu and Srinagar, saying “they have failed and they will continue to fail”, and highlighted the restoration of the traditional biannual shift of the capital known as ‘Darbar Move’ as a vital bridge in narrowing the emotional divide between the two regions.
Speaking with PTI, Abdullah argued that the logic behind treating a territory with 90 elected legislators on par with smaller regions like Puducherry, which has only 30, remains incomprehensible, and reiterated his earlier stand that a dual power system where two power structures exist is a "recipe for disaster”.
“Can you not see the difference between a tiny one with 30 MLAs and one with 90 MLAs? And you still believe that this current system is beneficial to Jammu and Kashmir after everything that happened last year?” the chief minister asked while referring to the Pahalgham tragedy, pointing out that keeping elected representatives out of the law and order situation was doing no good.
He specifically noted that the size and scale of Jammu and Kashmir demand a governance model where the elected representatives are fully responsible for administration.
“I continue to maintain that view. I continue to believe that a system of Union territory with an assembly is by far the worst form of government that you can come up with,” Abdullah told PTI here recently.
The chief minister highlighted that several key institutions, including universities, the Sher-e-Kashmir Institute of Medical Sciences, and the Power Development Corporation, should have automatically come under the domain of the elected government.
“I am not even arguing on the central services, law and order, and police. As a Union territory, those are automatically within the domain of the unelected government. But these were institutions that were previously the responsibility of the elected government. And they should be,” Abdullah said.
Despite these friction points, Abdullah expressed optimism, stating that his government and the Government of India are close to reaching an agreement on the rules of business and that a formal proposal for the appointment of a new advocate general has finally been dispatched to the appropriate authorities.
“Again, as I said, we have made significant progress on these issues,” he said.
On the long-standing issue of summary dismissals of government employees without judicial inquiry, Abdullah described the process as arbitrary, opaque and unlikely to withstand judicial scrutiny.
This practice did not originate with the current lieutenant governor's administration but was initiated during the previous BJP-PDP coalition government, he said.
“Look, everyone has the right to prove their innocence. For some reason, these employees were not given that opportunity. And I have no doubt that going ahead, many of these people will return to government service on the back of relief from the court.
“We will not be able to defend the dismissal of these employees in the courts. It will happen, you mark my words, because the process is arbitrary. The process is opaque. There is no clarity and transparency in the process. Ultimately, we will not be able to bear up to judicial scrutiny," he said.
Referring to the promises made by his party, the National Conference, Abdullah detailed the operationalisation of his poll promises, including 200 units of free electricity and six free cooking gas cylinders for the poorest households, underlining that power subsidy is being provided to the poorest of the poor.
He argued that anyone above the poverty line should pay market rates for electricity to ensure that state resources are prioritised for the most vulnerable.
“Rich people shouldn't even be getting subsidised electricity. If I could, though obviously I can't do it in a single stroke, I would like to remove subsidised electricity from all these rich people.
“Anybody above BPL (Below Poverty Line) should not be paying subsidised rates for electricity. They should pay the market rate,” he said.
Beyond direct welfare, Abdullah highlighted the restoration of the ‘Darbar Move’ and the introduction of free education and bus travel for women as key milestones in his 20-month-old administration.
Speaking on the composite culture of J-K, Abdullah said the traditional biannual shift of the capital has allowed a new generation of employees from Jammu, who had never worked in the Valley before, to bond with their Kashmiri counterparts.
“The distance between Jammu and Kashmir has reduced to a great extent,” Abdullah said, adding that the two regions historically come together during times of adversity, whether after natural disasters or security crises.
Replying to a query on Kashmiri Pandits who migrated to various camps in Jammu, Abdullah said the question needs to be asked of the BJP as to why they are still in camps.
“Please ask the BJP how many more elections do they want to exploit their (Kashmiri Pandits’) votes before actually doing something to bring them back,” Abdullah said.
Terming the migration “deeply unfortunate”, Abdullah said, “We want those who left in the late 80s, early 90s, to come back. I have always maintained that they left because their sense of security was snatched away. They will come back only when that sense of security is restored. And we have not been able to do that so far.”
Crediting former prime minister Manmohan Singh for building the Jagti township in Jammu for migrants and creating a job quota for them, Abdullah said that nothing more has been done for the community since then.
To a question on dynastic politics following the recent defeat of M K Stalin in Tamil Nadu, Abdullah dismissed the idea that the defeat of established leaders is a verdict on their lineage, and argued that belonging to a political family only "opens a door" but does not guarantee a seat at the table.
“What keeps it open is your own performance,” Abdullah said, pointing out that even non-dynastic leaders like Mamata Banerjee faced electoral setbacks.
He also dismissed rumours of an imminent Cabinet reshuffle in J-K as “absolute lies”.
