A load of crap from an idle brain

Indian hospital chain Fortis Healthcare will buy 23.9 percent of Singapore’s Parkway Holdings  from U.S. buyout firm TPG Capital in an expansion drive into Asia and the Middle East.

The $685 million deal will give Fortis a foothold in Singapore and Malaysia and make it the biggest private hospital network in Asia, it said.

The move continues an overseas acquisition push by Indian companies looking for new markets and know-how. Top Indian mobile carrier Bharti Airtel is in talks to buy the African operations of Kuwait’s Zain for $9 billion.

Fortis intends to move into other parts of Asia and the Middle East, Chairman Malvinder Mohan Singh told reporters.

“Indonesia, the Philippines and Thailand are markets we would like to evaluate,” Singh told Reuters in Singapore.

Fortis has no immediate plans to raise its stake in Parkway and planned to work with the Singapore firm in expanding across the region, added Singh, who will be nominated Parkway chairman.

Fortis will be the largest shareholder in Parkway, with a stake slightly higher than the 23.32 percent held by Malaysian state fund Khazanah Nasional Bhd, according to Parkway’s website.

Fortis’ purchase follows its $187 million acquisition in August of 10 hospitals from unlisted Wockhardt Hospitals.

“It makes more sense for Fortis to acquire a strategic stake in Parkway than to go for a full-fledged acquisition as it would mean lower risk as well as lower cost,” said Sapna Jhawar, a healthcare analyst with Mumbai-based Sharekhan.

Full news here

Above picture of Fortis hospital, Noida courtesy: Neytri

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The biotech industry, which has been anchored firmly by the Genome Valley project, has already been a major earner of foreign exchange (Rs 4,914 crore from pharmaceuticals, biotech, chemicals and allied chemicals) for the State. The number of biotech companies in Genome Valley now stands at 50. With the ongoing expansion of the third phase of Genome Valley, another 10 companies will be added. They include major names such as Biocon.

The presence of reputed research institutions like the Indian Institute of Chemical Technology (IICT), Centre for Cellular and Molecular Biology (CCMB), National Institute of Nutrition (NIN) and Centre for DNA Fingerprinting and Diagnosis (CDFD) and University of Hyderabad are also adding up to the industry’s fascination with Hyderabad.

In addition to this, about 20 major corporate hospitals, well equipped for clinical trials of international standards and varied patient pool would also come handy for biotech and pharma industry growth as they grow in size and global operations.

Full article here.

The Genome Valley Bio cluster comprises the following

Shapoorji Pallonji Biotech Park
ICICI Knowledge Park
Bharat Biotech Park
Shanta Biotechnics
Godrej Plant Biotech Ltd
Biological E Ltd
Krebs Biochemicals
Nuziveedu Seed Co. Ltd
GVK Biosciences Private Ltd
Jupiter Orga
Metchnikoff Biosystems
Satyam Forest Research Centre
Haritha Biotech and Plantations
AG Biotech Laboratories (India) Ltd
Mediclone Biotech Private Ltd

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