Wed, Jun 28, 2017 | updated 01:14 AM IST

Fortis Healthcare approves demerger of its diagnostics business

Updated: Aug 19, 2016 17:19 IST      
Fortis Healthcare approves demerger of its diagnostics business

Gurgaon, Aug 19 (ANI):The Board of Directors of Fortis Healthcare today approved a proposal to demerge its diagnostics business, including that housed in its majority owned subsidiary SRL Limited ("SRL") into another majority owned subsidiary, Fortis Malar Hospitals Limited ("Fortis Malar") pursuant to a composite scheme of arrangement and amalgamation.

The demerger shall be followed by SRL being merged with Fortis Malar as an integral part of the same composite scheme.

Fortis Malar operates a hospital facility in Chennai and is listed on the BSE Limited (the "BSE"). The composite scheme will also provide for the sale of its hospital business by Fortis Malar to Fortis Healthcare by way of a slump sale for a lump sum cash consideration, and the same shall precede the merger.

The name of Fortis Malar will subsequently be changed to SRL Limited and this company is proposed to be listed on the National Stock Exchange of India Limited (the "NSE"), in addition to its current listing on the BSE.

Appointed date for the slump sale, demerger and merger under the composite scheme is opening of business on January 1, 2017.

Commenting on the scheme, Malvinder Singh, Executive Chairman, Fortis Healthcare said. "We believe this will unlock immense value for all the shareholders. As a result of the new synergistic groupings, both the hospitals and diagnostic businesses will benefit from greater clarity, a stronger focus and an independent growth trajectory. Equally, this will enable the accelerated pursuit of their respective business goals while empowering them to reach their fullest potential."

Bhavdeep Singh, CEO, Fortis Healthcare Ltd, said, "Our hospitals and diagnostics businesses continue to perform equally well. However, in the longer term, they have a growth path of their own requiring distinctive strategies. The new arrangement resulting from the demerger will harness these unique capabilities and strengths, unlocking value by combining the flexibility with a focus on rapidly scaling up operations." (ANI)

Tapp Me's on demand service model in expansion mode

Updated: Jun 27, 2017 18:44 IST     

New Delhi [India], June 27 (ANI-Newsvoir): Tapp Me, a Gurugram-based start-up offering hassle-free day-to-day repair and maintenance services for homes and offices, has taken an initiative of creating job opportunities for local technicians in the emerging smart cities of India. After an extensive market research, a model has been developed providing these local technicians regular earnings by working on a profit sharing basis with Tapp Me.

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i2iFunding emerges as first P2P lending player

Updated: Jun 27, 2017 18:38 IST     

New Delhi [India], June 27 (ANI-Newsvoir): The Indian P2P lending industry is in the nascent stage of development.

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Mumbai [India], June 27 (ANI-Newsvoir): Pushpanjali Realms and Infratech Limited, which is engaged in real estate development in Dehradun, Uttarakhand, is entering the capital market with its initial public offering. The issue, which will open on June 27, 2017 and will close on June 30, 2017.

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New Delhi [India], June 27 (ANI): The Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed Finance Ministry's decision to delay the enforcement of tax collection and tax deduction at source under the Goods and Services Tax (GST).

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Adda52 announces release of Adda52 Rummy for Android

Updated: Jun 27, 2017 16:36 IST     

New Delhi [India], June 27 (ANI-BusinessWire India): Adda52 Rummy on Tuesday announced the launch of its highly anticipated mobile app, Adda52 Rummy for Android versions 4.4 ("KitKat") and above.

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SAP India, Govt to empower MSMEs with next-gen technology

Updated: Jun 27, 2017 16:31 IST     

New Delhi [India] June 27 (ANI): Commemorating International day for MSMEs, SAP India on Tuesday signed a Memorandum of Understanding (MoU) with the Ministry of Micro, Small and Medium Enterprises to jointly launch Bharat ERP - an exclusive programme to empower MSMEs with next-gen technology to fuel their digital journey.

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New Delhi [India], June 27 (ANI): The Reserve Bank of India (RBI) on Tuesday issued an advisory letter to banks asking them to incorporate additional provisioning on the 12 loan accounts to be referred to the NCLT (National Company Law Tribunal) under the Insolvency and Bankruptcy Code (IBC), reports Moneycontrol.

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Vishal Sinha appointed as CEO, CWT India

Updated: Jun 27, 2017 15:13 IST     

New Delhi [India], June 27 (ANI): Carlson Wagonlit Travel (CWT) on Tuesday appointed Vishal Sinha as the new CEO of CWT India, and will be based in the firm's head office in Gurgaon.

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New Delhi [India], June 27 (ANI-BusinessWire India): With the recent increase in student intake by almost all the colleges, an unusual trend has been observed by CollegeDunia, one of the largest college aggregator portals that colleges with better reviews on their portal are witnessing an increase in their application rates while those with poor reviews are actually facing scrutiny in terms of admission trends.

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Unicommerce Solutions are now GST-ready

Updated: Jun 27, 2017 14:27 IST     

New Delhi [India], June 27 (ANI-BusinessWire India): Unicommerce, India's leading SaaS-based multichannel order fulfillment platform showcased its Goods and Services Tax (GST) ready solutions for online sellers at an event on Saturday.

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New Delhi [India], June 27 (ANI): Lauding the commitment shown by India and the United States towards increasing market access in the Information Technology (IT) and other sectors, ASSOCHAM on Tuesday asserted that it will be highly beneficial to the upliftment of the USD 150 billion software and services industry in the country.

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New Delhi [India], June 26 (ANI): The Healthcare Federation of India (NATHEALTH) organized its second western roundtable meeting in Mumbai and deliberated on host of issues related to healthcare sector in India.

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New Delhi [India], June 26 (ANI-NewsVoir): Maharishi University of Information Technology, NOIDA celebrated the stellar performance of its students in the recently held Techgig Code Gladiators 2017 contest in Bangalore.

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New Delhi [India], June 26 (ANI-NewsVoir): Anuj Puri, Former Chairman and Country Head of International Property Consultancy JLL India, today announced the launch of ANAROCK Property Consultants Pvt. Ltd., essentially rebranding JLL's erstwhile residential brokerage business which he acquired earlier this year.

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New Delhi [India], June 26 (ANI): Paytm Mall is contributing towards the growth of automobile dealers by bringing their offerings online. This has enabled over a thousand dealerships across the country to reach a wider set of customers.

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New Delhi [India], June 26 (ANI): With the rollout date of the Goods and Services Tax (GST) inching closer, the Finance Ministry on Monday announced a delay in implementation of the provisions of Section 51 and 52 under the CGST / SGST Act, 2017, aiming to ensure smooth rollout of the GST.

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Unidentified men loot 37 lakh from Flipkart centre in Delhi

Updated: Jun 26, 2017 12:25 IST     

New Delhi [India], June 26 (ANI): Unidentified men looted Rs.37 lakh from a Flipkart dispatch centre in the Jhilmil Industrial Area of Delhi yesterday.

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New Delhi [India], June 25 (ANI): Sikshana Foundation, a Karnataka-based NGO, in collaboration with Dell awarded scholarships for the education of 360 underprivileged girl children from rural Karnataka.

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ASSOCHAM-PwC report urges efficient waste disposal

Updated: Jun 25, 2017 09:27 IST     

New Delhi [India], June 25 (ANI): In the wake of an improper waste disposal system, with waste being dumped without sufficient treatment, an ASSOCHAM-PwC study revealed that an estimated 88 square kilometer (sq. km.) of precious land needs to be brought under waste disposal through land filling by 2050.

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New Delhi [India], June 24 (ANI): On the occasion of International Yoga Day on June 21 st, Ruchi Soya Industries Ltd. launched a pioneering initiative, the Ruchi 'Saral Yoga' Abhiyaan to integrate yoga in the corporate routine through daily yoga sessions for all employees.

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