Health Business

May 16, 2011 (LBO) – Lanka Hospitals, formerly part of the Indian Apollo chain and now par-owned by India’s Fortis group, said March 2011 quarter net profit rose 81 percent to 65.2 million rupees from a year ago. The Lanka Hospitals Corporation said in a stock exchange filing sales for the quarter rose 31 percent to 891 million rupees from the previous year,

In March, India’s Fortis Healthcare group, through Fortis Healthcare Global Holdings, bought a 28.6 percent stake of Lanka Hospitals Corporation for 3.98 billion rupees as part of an acquisition spree.

The interim accounts filed with the stock exchange showed the promoters of Fortis Healthcare, Malvinder Mohan Singh and Shivinder Mohan Singh, were on the board of Lanka Hospitals.

The Fortis group, India™s second largest private hospital chain, runs 50 hospitals and has been buying overseas hospitals in recent months.