MUMBAI Dec 17 Fortis Healthcare Ltd
said it had decided to sell its 64 percent stake in a dental
clinics business in Australia to British medical services group
Bupa for A$270 million ($285 million) to focus on
high-end healthcare operations in Asia.
The Indian hospitals group bought the holding in Dental Corp
Holdings Ltd, Australia, in January 2011, hoping to expand the
business across other regions but has been unable to do so. It
raised the number of dental practices in Australia and New
Zealand to 190 from 140 in the nearly two years it owned the
business, the company said in a statement late on Sunday.
The entire proceeds will be used to reduce the group's debt,
Fortis group Chief Executive Vishal Bali told news channel CNBC
TV18. The deal is expected to be completed in March 2013, Fortis
Fortis, India's No. 2 hospitals operator, had consolidated
debt of $1.1 billion as of end-June.