Manipal Hospitals Enterprises Aims To Become Listed Indian Hospital Giant With Fortis Purchase

Bangalore: Manipal Hospitals Enterprises Private Ltd plans to buy Fortis Healthcare Ltd's hospital business to create one of India's largest providers of healthcare and then go public, but the proposed terms sent shares in Fortis tumbling 7 percent. The combined company will be 38 percent owned by Manipal Chief Executive Ranjan Pai while U.S. buyout firm TPG will hold a 20.7 percent stake. It will be the country's biggest healthcare...