Fortis Healthcare to acquire 65% stake in Vietnam hospital chain for $64 million

Fortis Healthcare International - Singapore-based holding company of India’s Fortis Healthcare will buy a 65% stake in Vietnam's Hoan My Medical Corp for Rs 290 crore around $64 million. Hoan My is one of Vietnam's largest private healthcare groups with 700 beds across five hospitals. By November 2011, it will open a new 200-bed tertiary care hospital in Ho Chi Minh City.

Fortis Healthcare International is held directly by brothers Malvinder Mohan Singh and Shivinder Mohan Singh, who are also the main shareholders and promoters of India-listed Fortis Healthcare.

Fortis Healthcare International has been on an acquisition spree since it was set up about a year ago, and now owns clinics and hospitals in several Asian countries including Australia, Hong Kong and Singapore.