Fortis Healthcare to demerge its hospital division into Manipal Hospitals

Hospital chain Fortis Healthcare Ltd said on Tuesday that it has decided to demerge hospital business into Manipal hospitals, promoted by Dr Ranjan Pai and backed by TPG.

"The move will unlock significant value for all stakeholders and will further accelerate and expand access to high quality healthcare services in India," a press statement released by promoters Malvinder Singh and Shivinder Singh said.

Earlier, Fortis had said it received an unsolicited non-binding offer from Manipal Health Enterprises for transaction with the company.

The board of directors of the company has received an unsolicited non-binding indication of interest from Manipal Health