In last five months, Fortis Global has been acquiring specialised healthcare businesses in Asia and Australia at a breakneck speed. A primary healthcare chain in Hong Kong, a stake in dental clinic chain in Australia and now a greenfield onclogy hospital in Singapore has cost Fortis close to R1,500 crore already. Vishal Bali, CEO, Fortis Global shares with FE?s Soma Das the plan ahead.
After acquiring a significant stake in Singapore?s Parkway, Fortis Global intended to become a global healthcare player by keeping tertiary hospitals as its core business through geographic expansion. Has there been a change in Fortis Global?s vision and startegy to pursue its global ambition after Parkway deal fell through?
The vision remains the same, to create an integrated healthcare network spread across Asia and Australia and eventually become a global player. The strategy is expand presence in new verticals by getting into primary healthcare in Hong Kong, dentistry in Austaria, diagnostics in Dubai.
With exception to the Singapore acquisition, the other two deals have been with strong local brands.Would we see rebranding exercises whereby the Fortis brand gets reflected in the practices being bought?
Not necessarily as these players are very strong local market leaders. Their brands are very powerful entities. All of these benefit by getting incorporated in a larger Fortis healthcare system which would have a global play and presence.
In contrast to your earlier strategy of big ticket acquistion, Fortis seems to be following a strategy of multiple smaller buys opting for specialized business, clinics, dentals. Do you plan to replicate these business models in other geographies like India?
Absolutely. That is the ideal and logical next step. We would learn from the strengths, capabilties of these models and cross-fertilise.
What are your plans for the almost greenfield venture that you have bought at Singapore? Why does Singapore remain so important in your scheme of things?
These are questions we would have to answer as we go forward. Whether to keep it a single speciality or broadbase it and many others. The contruction would be over by the third quarter of next year. About Singapore, yes it is important because of being recognised as world class healthcare centre in terms of services the city state offers.
Which are the geographies where Fortis would focus on now for further acquisitions and which are the kind of opportunities would it pursue? Will it go along with the smaller opportunites or would any big ticket buy be on cards as well?
We are already present in six countries now. The expansion focus would be Asia.