Malaysia-based IHH Healthcare plans to increase its holding in Fortis Healthcare to 51% over the next three to five years as part of a broader expansion strategy in India.
The company also plans to integrate its Fortis and Gleneagles platforms and expand its combined healthcare capacity to approximately 10,000 beds by 2031.
The announcement comes after the Supreme Court on September 25, 2026, disposed of Fortis Healthcare’s special leave petition challenging a Delhi High Court order related to a forensic audit and observations concerning the company.
In a statement cited in a Fortis filing with the BSE, IHH said it would fully cooperate with the forensic audit and maintained that an independent review would establish the facts surrounding its 2018 investment in Fortis.
IHH reiterates India expansion plans
IHH said its proposed increase in ownership reflects its long-term commitment to the Indian healthcare market. The company intends to expand its hospital footprint and increase investments while bringing its Fortis and Gleneagles operations closer together.
IHH currently holds its Fortis investment through its subsidiary Northern TK Venture Pte Ltd (NTK), which acquired a 31% stake in Fortis in 2018 through a preferential allotment of newly issued shares worth Rs 4,000 crore.
The transaction was accompanied by a mandatory tender offer for public shareholders and received regulatory and corporate approvals, including clearance from the Competition Commission of India and compliance under Sebi takeover regulations, according to IHH.
Company clarifies 2018 investment
IHH also addressed the ongoing dispute involving Fortis and Daiichi Sankyo, stating that it was not a party to the dispute or the related execution proceedings. The company said delays in obtaining mandatory tender offer approvals affected its investment.
IHH further stated that no secondary shares were purchased from former Fortis promoters Malvinder Mohan Singh and Shivinder Mohan Singh, and that no payments were made to them as part of its investment.
According to the company, the Singh brothers had resigned from the Fortis board in March 2018. IHH said its investment was completed in November 2018, after the former promoters had left the board, and that it had no interaction with them.
The proposed expansion would position Fortis and Gleneagles for a significantly larger combined hospital network in India by the end of the decade.
Source: ET Health
