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The board of Fortis Healthcare has provided its approval to demerger of its diagnostics business into another group firm Fortis Malar Hospitals.
Fortis Healthcare has said in a regulatory filing that the company’s board approved a proposal to demerge its diagnostics business, including that housed in its subsidiary SRL Ltd into another majority-owned subsidiary, Fortis Malar Hospitals pursuant to a composite scheme of arrangement and amalgamation.
Fortis Malar, as a part of the process, will be selling its hospital business to Fortis Healthcare by way of a slump sale for a lump sum cash consideration of Rs 43 crore.
