In order to focus on growth in the India market, under its diagnostics business chain SRL, Fortis Hospital’s international market strategy has taken a backseat with the hospital now reported to shut down its pathology business in Dubai.
Currently Fortis is evaluating various proposals for the sale of its pathology business in Dubai, as confirmed by vccircle.com.
The report in the vccircle also points out the fact that Fortis is now focused to expand its business in India, after having being designated as one of the few Indian companies with a strong international market focus earlier. The market strategy however, is now reversed with more and more funds being invested in the Indian diagnostics business.
Fortis is reported to have earlier sold off its stake in Singapore based healthcare services unit RadLink-Asia Pte Ltd and its subsidiaries to Fullerton Healthcare Group for S$111 million (approximately $83.5 million or Rs 530 crore).
Earlier in 2010, Fortis promoters had also locked themselves into a takeover battle with Khazanah for Singapore’s Parkway. They had later pulled out from the battle and sold their own stake to Khazanah.