Fortis to Buy Stakes in Australia's Dental Corporation

Fortis Global Healthcare Holdings on 21 December 2010 announced its decision to acquire 30 per cent stake in Australia's Dental Corporation for about 100 million Australian dollars (about Rs 450 crore). Fortis promoted by Malvinder Mohan Singh and Shivinder Mohan Singh will shell out  AUD 100 million nearly 30 per cent stake in Dental Corp, subject to shareholder and regulatory approvals. The investment made by Fortis will enable Dental to continue to expand in Australia and New Zealand as well establish foothold in Asia through the Fortis network. Dental Corporation which is currently one of Australia's fastest-growing companies was founded in October 2007 with an objective to acquire and partner with high-quality general and specialist dental practices.

Fortis’ acquisition of stake in Dental Corporation follows its acquisition of Hong Kong based Quality Healthcare in November 2010. In 2010 itself Fortis Healthcare, in which Singh brothers have a majority stake got entangled with Malaysia's sovereign fund Khazanah for the acquisition of Singapore-based Parkway Holdings.