Video: Inside the issue, June 2018
The trouble at Fortis Healthcare began after brothers Malvinder Mohan Singh and Shivinder Mohan Singh, former promoters of Fortis, were accused of siphoning off funds from the company. In deep financial trouble, the company was put for sale after much legal wrangling.
The first bid for Fortis was received earlier this year from Bengaluru-based Manipal Health Enterprises, backed by U.S. private equity firm TPG Capital. The offer was accepted by the board, but objections were raised by some shareholders saying that the process should be transparent and opened up for better offers.
After many twists and turns, there are four suitors that seem worthy of winning Fortis: Munjal-Burman combine, representing two of India’s best-known business families, Ranjan Pai of the Manipal Group with TPG Capital, IHH Healthcare of Malaysia, and the KKR-backed Radiant Life Care.
But the fight for Fortis is becoming more complicated by the day. In the June cover story, we look at each of the main contenders and what they bring to the battle.
Separately, the issue has stories on two family-run businesses, Havells and Emami. At Havells, chairman and MD Anil Rai Gupta, is busy transforming the company his father built many decades ago. The legendary Qimat Rai Gupta, founder of Havells, started in 1958 with a small shop in old Delhi. Today, the son is taking the electrical goods company to the consumer durables segment.
Emami, on the other hand, is venturing into newer segments like male grooming, and pumping up its e-commerce business.
The Fortune India June 2018 issue is on stands. Subscribe here