The Malaysian hospital group also said it would fully cooperate with a forensic audit that the Supreme Court allowed to proceed last week.
New Delhi: IHH Healthcare plans to lift its shareholding in Fortis Healthcare to 51 per cent over the next three to five years, the Malaysia-based company said in a stock exchange filing on Tuesday.
IHH, which currently holds 31.17 per cent of Fortis, said it also intends to integrate its Fortis and Gleneagles platforms more closely and take its capacity to about 10,000 beds by 2031, according to the filing. “India remains a key strategic market for IHH,” the company said, adding that it was committed to raising its investment in the country through Fortis.
The announcement follows the Supreme Court’s decision on 25 September to dispose of a special leave petition in which Fortis had challenged a Delhi High Court order directing a forensic audit. According to Business Standard, the audit concerns alleged erosion of assets by former Fortis promoters Malvinder Mohan Singh and Shivinder Mohan Singh during enforcement proceedings brought by Japanese drugmaker Daiichi Sankyo over its Rs 2,562 crore arbitral award.
The review will cover Fortis, its directors and officers, the company secretary, the compliance officer and other intermediaries linked to transactions involving assets that were claimed to satisfy the award, the report said. IHH said it would extend full cooperation and was confident that an independent examination would objectively establish the facts about its 2018 investment.
IHH entered Fortis in November 2018 through its subsidiary Northern TK Venture Pte Ltd, which picked up a 31 per cent stake through a preferential allotment of new Fortis shares worth Rs 4,000 crore, followed by a mandatory tender offer to public shareholders. The company said the stake was won through a competitive bidding process and had received all required corporate, shareholder and regulatory approvals, including clearance from the Competition Commission of India and compliance with SEBI’s takeover regulations.
In its filing, IHH said it did not buy any secondary shares from the former promoters and made no payments to them. The company also said it had suffered losses because of delays in obtaining approval for the mandatory tender offer.
Source: Business Standard, 29 September 2026
