Fortis Healthcare (India) today said it has acquired a majority stake in Singapore-based diagnostic firm RadLink-Asia Pvt Ltd for 62.9 million Singapore dollar (about Rs 245 crore).
"Fortis Healthcare Singapore Pvt Ltd, company's offshore subsidiary, has acquired 85% stake in RadLink-Asia Pvt Ltd, an outpatient diagnostic and molecular imaging chain in Singapore, for a purchase consideration of S62.9 million dollar," the domestic healthcare major said in a filing to the BSE.
The Indian firm said this transaction will provide Fortis Healthcare a strong foothold in the premium diagnostics and molecular imaging segment in one of South East Asia's most attractive markets.
Fortis further said the investment will provide a complementary platform to its upcoming specialty hospital on Adam Road in Singapore.
Radlink has four main business segments -- diagnostic imaging, molecular imaging, cyclotron (radio isotopes manufacturing) and GP clinics, the filing said.
Reacting to the announcement, shares of Fortis rose by 2.29% to trade at Rs 107 apiece on the BSE in late morning trading.
