Fortis Healthcare International today said it has entered into a agreement to acquire a 65% stake in Vietnam-based Hoan My Medical Corporation for $64 million (nearly Rs 289 crore).
Commenting on the acquisition, Fortis Healthcare Group Chairman Malvinder Mohan Singh said: "This acquisition is an important step for Fortis Healthcare International to establish its presence in one of Asia's fastest growing regions."
This is the company's sixth investment in eight months and is a important step in consolidating its presence in the growing healthcare delivery market in Asia, Fortis Healthcare International said in a statement.
Established in 1997, Hoan My Medical Corporation (HMC) has grown to become one of Vietnam's largest private healthcare provider groups, with 700 beds across five hospitals.
HMC plans to open a new 200-bed tertiary care hospital in Ho Chi Minh City by November, 2011, Fortis said.
"Vietnam is the 13th most populous country in the world... And its fast-growing economy is a tremendous opportunity for our group to consolidate and establish a high quality patient-centric tertiary hospital network," Singh said.
In the last eight months, Fortis Healthcare International has acquired a private primary care company in Hong Kong, a leading dental care company in Australia, a specialty hospital project in Singapore and a stake in an existing hospital in Sri Lanka.