IHH Healthcare denies talk of buying Indian companies

Mount Elizabeth Novena hospital is owned by Parkway Holdings, a wholly-owned subsidiary of Malaysian-controlled IHH Healthcare.
Mount Elizabeth Novena hospital is owned by Parkway Holdings, a wholly-owned subsidiary of Malaysian-controlled IHH Healthcare.PHOTO: IHH HEALTHCARE

SINGAPORE - Private hospital operator IHH Healthcare Group told Bursa Malaysia on Thursday (June 22) that it is not close to concluding any negotiations, due diligence or transactions in India.

Its response, which was made in a filing to the Singapore Exchange, followed a query related to an article in The Edge Financial Daily on Monday.

Media reports have said that IHH Healthcare is in an advanced stage of negotiations and due diligence to buy a controlling stake in Fortis Healthcare and SRL Diagnostics, two healthcare companies in India.

IHH has 50 hospitals in 10 countries, with a focus on Singapore, Malaysia and Turkey. Its management has said that China and India are its key growth markets.

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Fortis Healthcare is India's second-largest private hospital chain by market value. In March, a Bloomberg report had said that Fortis Healthcare was considering a buyout of the Singapore-listed business trust RHT Health Trust, which owns some of Fortis' clinics.

It was also reported in March that IHH Healthcare was among several bidders, including KKR & Co, TPG and Bain Capital, which are considering an investment in Fortis.