Under the lens

Why the queue of suitors for Fortis is thinning

The Munjal-Burman alliance, Fortis’s most gung-ho bidder not so long ago, has given up on it. A close look at financial and legal documents reveals the mess that is taking the sheen off one of Indian healthcare’s biggest brands.
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5 Jul 2018 0 comment
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People wait to withdraw money from an ATM at a Fortis Hospital in New Delhi; Sanjeev Verma/Hindustan Times via Getty Images
When the Pope dies, cardinals lock themselves up in the Vatican and start the tortuous process of electing the next one. The anxious public waiting outside learn the outcome from smoke coming out of a chimney. Black smoke: no result. White smoke: Hallelujah.For Fortis watchers, the process of finding an owner for the troubled hospital chain has been no of Fortis. Fortis has denied the charge. The company has also received four notices claiming total financial liabilities worth INR253.44 crore, which it has denied. The matter is pending in court. Fortis is yet to make provisions for potential losses arising from the above. Till it puts all this past itself, expect more smoke, even if it does change colour.
When the Pope dies, cardinals lock themselves up in the Vatican and start the tortuous process of electing the next one. The anxious public waiting outside learn the outcome from smoke coming out of a chimney. Black smoke: no result. White smoke: Hallelujah.For Fortis watchers, the process of finding an owner for the troubled hospital chain has been no of Fortis. Fortis has denied the charge. The company has also received four notices claiming total financial liabilities worth INR253.44 crore, which it has denied. The matter is pending in court. Fortis is yet to make provisions for potential losses arising from the above. Till it puts all this past itself, expect more smoke, even if it does change colour.

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