IHH Bhd chief executive officer Tan See Leng is expected to join the board of Fortis Healthcare today following the Malaysian healthcare group's purchase of shares worth Rs 4,000 crore in India's second largest hospital chain, ET has learnt.
IHH, which is taking charge of Fortis following a deal approved by the Competition Commission of India earlier this month, is expected to appoint four persons to the board, a person close to the development told ET on condition of anonymity.
Apart from the IHH CEO, the new Fortis board is expected to also comprise Chan Boon Kheng, the group's head of strategy, M&A and business development, as well as Chinta Bhagat, the India head of Khazanah Nasional and a member of the IHH Healthcare board, the person said.
ET is awaiting responses to queries sent to Fortis, IHH and Bhagat and will update this article as soon as it receives them.
Earlier this year, IHH won a prolonged four-way bidding war for a 31% stake in Fortis HealthcareNSE -0.74 % for Rs 4,000 crore and committed an additional Rs 3,300 crore to acquire shares of minority shareholders through an open offer. When the acquisition is completed, IHH will get control of 34 hospitals across India with a capacity of over 4,000 beds.
Last week, Fortis Healthcare CEO Bhavdeep Singh resigned from his post for professional and personal reasons ahead of a takeover of the hospital chain by Malaysia’s IHH Healthcare
However, Singh has agreed to continue in his current capacity till his successor has been finalised, Fortis said in a stock exchange filing.