Fortis Healthcare on Thursday said its board has accorded in-principal approval to acquire 86 per cent stake in Super Religare Laboratories for an undisclosed amount.
Both Fortis and Religare are controlled by billionaire brothers Malvinder Singh and Shivinder Singh, but are different companies in the healthcare business.
The in-principal approval given by the company's board during a meeting today is in line with company's strategy of adding new verticals focused on medical specialties, Fortis Healthcare said in a statement.
"We see great benefit in augmenting Fortis presence in new specialty-based verticals. The addition of diagnostics and retail dialysis will serve to enhance the quality of care to our customers," Fortis Healthcare (India) Managing Director Shivinder Mohan Singh said.
The board at its meeting also approved setting up of standalone dialysis centres and foray into standalone and in-hospital diagnostic centres.
"The new structure is a meaningful step toward medical inclusion in India and will help us offer value-based medicine. This will better enable
Fortis to deliver comprehensive and quality healthcare, with end to end service," Singh added.