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StanChart PE India head Udai Dhawan joins Fortis Healthcare board

Standard Chartered Private Equity India Head and Managing Director Udai Dhawan has been appointed as an additional director on the board of directors of the Indian healthcare chain Fortis Healthcare Ltd, a disclsoure made to Bombay Stock Exchange by the hospital chain said.

The appointment is effective from February 11, 2014, which is in pursuance of SCPE's agreement with the Company, the disclosure said. 

Earlier in September last year, Standard Chartered Private Equity Mauritius III Ltd had invested Rs 37.7 crore in Fortis Healthcare afresh in a preferential allotment, raising its total investments to around Rs 250 crore in the healthcare company.

Also, Fortis Healthcare's executive director Balinder Singh Dhillon has stepped down from the board of the company, effective February 11, 2014. He will, however, continue as President of the Governance Function.

Meanwhile, the private hospital chain posted a decline of 45 per cent in its consolidated net profit for fiscal third quarter ended on December 31, 2013, to Rs 389.09 crore from Rs 705.03 crore in the year ago period, despite one-time gain of Rs 424.16 crore due to stake dilution in Quality Healthcare primary care business in Hong Kong. 

While consolidated revenue of the company stood at Rs 1,019 crore during the quarter, India revenue grew 21 per cent to Rs 870 crore.

At present, Fortis Healthcare runs its healthcare delivery services in India, Singapore, Dubai, Mauritius and Sri Lanka with 66 healthcare facilities (including projects under development), over 10,000 potential beds and approx. 260 diagnostic centres.  

Shares of Fortis Healthcare closed the day at Rs 99.15 per share, down 1.78 per cent from its previous close on BSE.

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