Singh brothers welcome Manipal Hospitals Fortis Healthcare takeover

According to the EOW, the accused colluded with the former promoters of Religare Enterprises, Malvinder Mohan Singh and Shivinder Mohan Singh. (Image: Reuters)

Malvinder Singh and Shivinder Singh referred to as Singh brothers, the erstwhile promoters of the Fortis Healthcare welcomed the takeover by Manipal Hospitals.

"The demerger of Fortis’ Hospital business into Manipal Hospitals, promoted by Dr. Ranjan Pai and backed by TPG, will unlock significant value for all stakeholders and will further accelerate and expand access to high quality healthcare services in India," Singh brothers said in a late night statement.

"We are happy and confident that the combination will be value accretive for all stakeholders," they added.

Singh brothers also promised of their support to the management and Board for the successful transition.

"Keeping the interest of the company and stakeholders foremost, we continue to support the Management and the Board to successfully transition to the new joint entity," Singh brothers said.

"We want to thank everyone involved in the deal for reposing faith despite challenging circumstances," they added.

From a humble beginning with one hospital in 2001, Fortis has grown to become a national healthcare provider in a rather short span of time, owing to the relentless dedication of the Fortis family.

"We are grateful to each and every one of our colleagues in Fortis and all our stakeholders, to have us as a part of this truly amazing organization," Singh brothers said in a statement.

Singh brothers have lost control over the company as lenders invoked their pledged shares. Their stake has fallen from little over 30 percent to less than 1 percent now.

The brothers resigned from the board last month following legal troubles related to the sale of their stake in Ranbaxy to Japan's Daiichi Sankyo Co.

The Ranbaxy case is unrelated to Fortis.