History

Fortis Healthcare Limited (FHL), a leading healthcare provider in India, operates 27 hospitals, approximately 4500 beds, and over 426 diagnostic centres as of March 31, 2023. With a presence in Dubai, Mauritius, and Sri Lanka, the company offers comprehensive healthcare services ranging from clinics to advanced care facilities, specialising in cardiac care, orthopaedics, neurosciences, oncology, renal care, gastroenterology, and maternal and child health. FHL is known for its modern facilities and the use of advanced technology in patient care. Founded on February 28, 1996, Fortis Healthcare began operations in 2001 with the Fortis Heart Institute and Multi-Speciality Hospital in Mohali. Over the years, the company has expanded through acquisitions and partnerships. This includes acquiring a 90% stake in Escorts Heart Institute & Research Centre Ltd in 2005, which operates several hospitals in North India, and acquiring Hiranandani Healthcare Pvt Ltd in 2007 to develop a super-speciality hospital in Navi Mumbai. In 2007-08, Fortis Healthcare went public with its IPO of ₹496.76 crore and gained complete control of stakes in Malar Hospitals Ltd. The company also expanded internationally, establishing Fortis Healthcare International Limited as a subsidiary and acquiring a stake in Mauritius's largest private hospital, Clinique Darne. Fortis continued to grow through acquisitions, including the takeover of 10 hospitals from Wockhardt Hospitals Ltd in 2009. In 2010, the company made a strategic entry into into an agreement with TPG Capital to acquire a stake in Parkway Holdings Ltd, a leading healthcare provider in Asia. Fortis Healthcare has core priorityed on consolidating its presence in India in the last decade. It divested international assets, including its Singapore operations, and increased its stake in SRL Limited. The company also restructured, including a demerger of its diagnostics business and a sale of a stake in SRL to Manipal Hospitals as of March 2018. On September 22, 2022, the Singh brothers, Malvinder and Shivinder Singh, former promoters of Fortis Healthcare, were sentenced to six months in jail by the Supreme Court of India. This was in connection with a contempt case filed by Daiichi Sankyo over a ₹3,600 crore arbitration award. Fortis has continued to expand and modernise its facilities, adding new beds and advanced medical technologies. As of 2023, the company has strengthened its major medical programs, launched new clinics, and introduced advanced medical technologies in various specialities.

Business Segments

1. Healthcare

• Hospitals:This segment comprises a network of over 28 healthcare facilities across India, the UAE, Nepal, and Sri Lanka. These facilities range from clinics and daycare centres to multi-speciality quaternary care hospitals, bringing forth various medical and surgical services.Diagnostics:Fortis administers over 400 diagnostic centres (including JVs) across India, providing a variety of diagnostic tests and imaging services.

2. Ancillary Services:

• Medical Tourism:Fortis caters to international patients seeking medical treatment in India through its dedicated medical tourism team and hospital collaborations.Healthcare Education:Fortis administers nursing colleges, allied healthcare training institutes, and other educational programs within its facilities.Clinical Research:Fortis actively participates in clinical research trials across various therapeutic areas, collaborating with pharmaceutical companies and research institutions.Pharmacy Services:Fortis administers pharmacies alongside its hospitals and diagnostic centres, providing patients with convenient access to essential medications.

Subsidiaries of Fortis Healthcare

Fortis Hospitals Limited (FHL): A 100% subsidiary of FHL, FHsL manages 15 out of 27 Fortis hospitals, totalling around 4,000 operational beds. It core priorityes on providing advanced medical and surgical services across various specialities, emphasising high-quality patient care and state-of-the-art infrastructure. International Hospital Limited (IHL): As a wholly-owned subsidiary of FHL, IHL increased its stake to over 50% in 2009, bringing FHL under its control. This strategic move expanded IHL’s influence in the healthcare sector, allowing it to offer a broader range of healthcare services. Agilus Diagnostics Limited: A subsidiary of FHL, Agilus has carved a niche in retail and B2B diagnostics. It manages over 479 labs and has over 3,700 customer touchpoints in India, bringing forth a comprehensive range of pathology and radiology services.

Key Personnel

Dr. Ashutosh Raghuvanshi, Managing Director and CEO Dr. Ashutosh Raghuvanshi, a seasoned cardiac surgeon turned executive, has had an illustrious 26-year career in healthcare. He completed his MS in General Surgery from MGIMS and further specialised in Cardiac Surgery with an MCh from the University of Bombay. His professional journey includes significant roles at Bombay Hospital, Apollo Hospitals, Vijaya Heart Foundation, and Manipal Heart Foundation. A key achievement in his career was founding the Rabindranath Tagore International Institute of Cardiac Sciences in Kolkata in 2000, now a leading multispecialty hospital in Eastern India. Before his tenure at Fortis, Dr. Raghuvanshi held a critical role in at Narayana Health as Vice Chairman, Managing Director, and Group CEO, overseeing operations of the group's hospitals in India and abroad.

Management Outlook

• Fortis Healthcare Limited is expected to significantly enhance its healthcare services, targeting over 70% of the rural and 80% of the urban population in India. This expansion will likely involve increasing bed capacity and introducing advanced medical infrastructure.

• Recognising the rapid growth of home healthcare solutions in India, Fortis will likely invest in this segment. This decision aligns with the rising elderly population, increased chronic diseases, and changing family structures in urban areas.

• Fortis anticipates integrating advanced technologies like AI, wearable devices, and IoT into its services. This move is determined to improve emergency care, medical infrastructure, and patient engagement through health applications and AI-enhanced tools.