Healthcare leading economic activity:Fortis

Bangalore, Apr 11 (UNI) Healthcare has emerged a leading economic activity in the country generating 5.2 per cent of the GDP and looking ahead for a 32 per cent growth annually over the next five years, Fortis Healthcare Limited Executive Chairman Harpal Singh said today.

Stating that the increasing awareness on health among the public especially in the urban areas had resulted in a manifold raise in healthcare delivery in the country by the private sector, Mr Singh told newsmen here that the Government, both centre and state, which were once a dominant health care delivery agency was now reduced to a minority. hardly one per cent of the 5.2 per cent contribution by the sector came from the government sector.

Churning into a multi billion dollar industry Healthcare offered tremendous potential for growth, while pointing out the significant strides taken by Fortis since 2001. He said the group currently managed 12 hospitals across the country and was the second largest in India after the Apollo group.

He said the group is setting up a 250 bed hospital in New Delhi at a cost of Rs 200 crore. To part fund the project it was floating an IPO opening on April 16 to raise between Rs 423 to Rs 500 crore offering about 46 million equity shares of Rs 10 each on a 100 per cent booking building process with the price band ranging between Rs 92 and Rs 110 per share. The net issue constituted 20.19 per cent of the post issue paid up equity share capital of the country. The Company had already concluded a pre IPO allotment of 10.67 million shares with four entities a prices ranging between Rs 135 and Rs 159.50 per share aggregating Rs 153.69 crore.

UNI