Fortis group of companies got the green light from Competition Commission of India (CCI) to its multi-layered reorganisation .
In a tweet today, the Competition Commission of India (CCI) said it has approved the “combination involving internal reorganisation of the Fortis group”.
Fortis will be carrying out the rearrange that involves three entities — Fortis Healthcare Ltd (FHL), Fortis Malar Hospitals Ltd (FMHL) and SRL Ltd (SRL).
As per the notice submitted to the fair trade regulator, there would be three “inter-linked and inter-dependent” steps under the rejig.
Fortis Malar will be off-loading its healthcare business to Fortis Healthcare as a slump sale on a going concern basis for a certain consideration. Then, Fortis Healthcare will demerge its diagnostics business as well as investment/shareholding in SRL into Fortis Malar, according to the notice.
In the final step, SRL will be amalgamated into Fortis Malar following which the latter’s name will be changed to SRL Ltd. The composite scheme was cleared by the respective boards of the three companies in August. Besides, the watchdog has cleared RPG Life Sciences’ acquisition of assets of Sun Pharmaceutical Industries and Sun Pharma Laboratories.