Fortis Healthcare, which seeks to expand its clinical operations and cut debt, plans to raise about Rs 2,000 crore by listing its hospitals business in Singapore, its chief executive said.
The company's board has given an in-principle approval for the listing proposal, Vishal Bali told reporters in a conference call on Tuesday. He did not give a timeline for the plan.
"We are looking at this listing to de-leverage the balance sheet," he said.
Fortis, which has about 15 hospitals and clinics that are part of this business, has a consolidated net debt of Rs 5,000 crore, Bali said. The company is looking to add about 2,500 hospital beds in 3-4 years, he added.
The listing - planned on Singapore Exchange Securities Trading Ltd- will happen through group unit Religare Health Trust, Fortis said in a statement.
Religare Health Trust has a mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets, it said.
Fortis, India's No 2 hospitals chain after Apollo Hospitals Enterprise, said consolidated net profit jumped 41.34% to Rs 41,540 crore in its fiscal fourth quarter ended March.