The country?s second largest hospital chain, Fortis Healthcare Ltd is scanning the South East Asian market for hospital acquisitions. After making its first overseas acquisition in Mauritius early last year, Fortis has been on the look out for similar opportunities in the West African countries and the Middle East region.
When contacted, Fortis?s CEO Bhavdeep Singh confirmed the same to FE.
?We are evaluating options in the South East Asian market along with the Middle East and West African regions and are open to acquisitions in these markets,? Singh said. The group would prefer acquiring existing operational ventures in partnership with a suitable and established local player to starting Greenfield projects in these markets, he added .
This is the very same model through which Fortis picked up a controlling stake in Mauritian hospital ?Clinique Darne? through a joint venture with Mauritius-based industrial and investment group CIEL last January. They jointly acquired 58% stake in the hospital for $7 million, with each party investing $3.5 million.
At home, after crossing its projected target of 6,000 beds and 40 hospitals two years in advance, the company aims to increase its revenue around five fold in next five years to touch an annual revenue target of $1 billion.