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The firm mentioned that the choice to rebrand Fortis was taken to disassociate itself from the ex-promoters.
The Board in its assembly held on Friday gave an in-principle approval for the change within the identify and branding of the corporate and its subsidiaries.
“Subject to requisite approvals and directions from the Hon’ble Supreme Court of India and the receipt of all requisite corporate and other approvals as may be required, the company and its subsidiaries propose to, discontinue the use of ‘Fortis’, ‘La Femme’ and ‘SRL’ as part of their corporate name, brand and logo,” the corporate knowledgeable the exchanges on Friday.
The present model license agreements with Singh Brothers, erstwhile promoters-expire in April-May 2021. “The resolution of rebranding was taken most significantly to strengthen the entire dissociation of the corporate from its erstwhile promoters, the corporate mentioned in an announcement.
‘Parkway’ model belongs to the IHH group, which operates greater than 15,000 licensed beds throughout 78 hospitals in 10 nations worldwide and is Asia’s largest built-in non-public healthcare supplier.
The firm had earlier performed a model analysis which confirmed a constructive response and choice for the ‘Parkway’ model as in comparison with a impartial model or some other model of IHH Healthcare Berhad (“IHH”), the father or mother of Northern TK Venture Pte Ltd., the promoter of the corporate with 31% shareholding.
As a part of its industrial technique, the corporate intends to acquire a license to make use of the model ‘Parkway’ as the company identify, model and brand of the corporate and all its subsidiaries (excluding SRL Limited and its subsidiaries and joint ventures) in relation to the hospital enterprise.
Separately, SRL Limited would search to develop a brand new impartial model identify, model and brand, unrelated to the IHH Group and the Fortis model, to be used within the diagnostics enterprise, it additional mentioned.
“This is the culmination of the extensive overhaul and strengthening of the governance processes initiated by the reconstituted Board in 2018, and is a reinforcement of our efforts to completely disassociate ourselves from the erstwhile promoters of the Company. Our association with IHH is a significant alliance in the healthcare industry in India. We pride ourselves on a culture of serving our patients with care and compassion and the association with IHH would foster that goal. We will work with all relevant authorities to ensure a smooth transition of the brand,”Ravi Rajagopal, Chairman, Fortis Healthcare mentioned in an announcement.
Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare, shared that, “We have always seen potential synergies between our company and IHH and look to leverage IHH’s global healthcare expertise to grow our organization further. Our association has come at a point in time when healthcare in India and globally is experiencing a substantial transformation. As a brand, our company has had several facets and we have always believed that we stand for much more. We would like to assure our patients, employees and all key stakeholders that our focus on patient centricity and clinical excellence, along with the quality of our service delivery will only get better with a new brand and identity.”