23-Apr-18, ET Healthworld
India's Fortis Healthcare Ltd has received as many as five offers for control of its private hospital business, but suitors have so far held back from making bold bids for the group as it faces rising debt and a regulatory probe.
%20ET%20Healthworld.jpg "Clouds over Indias Fortis Healthcare keep suitors from making higher bids (c) ET Healthworld")
Image: ET Healthworld
Fortis, one of the country's largest hospital chain operators, is evaluating offers from domestic and international firms including Malaysia's IHH Healthcare BHD, which runs hospitals in India, Turkey, Malaysia and Singapore, and China's Fosun International Ltd.
Fortis, with around 30 hospitals mostly in large cities in a country that lacks good public healthcare facilities, as an established brand and good roster of doctors, is a rare and attractive asset in a market that is growing strongly. However, it has lately struggled with insufficient cash and growing debt, while regulators investigate allegations that its founders took funds without board approval.