Fortis Healthcare Limited is a hospital chain with headquarters in India. Fortis started its health-care activities from Mohali, where the first Fortis hospital opened. The hospital chain later bought the Escorts group ‘s healthcare division and expanded its presence in different parts of the world. Fortis Healthcare was originally established by Shivinder Mohan Singh and Malvinder Mohan Singh even before controversy and transition to the IHH of Malaysia of controlling share. The IHH Malaysia owned 31%of shares in Fortis Ltd.
The IHH Healthcare Berhad proposes to rebrand the Fortis hospital business as Parkway, and also the SRL diagnostic business will be under a neutral name. This proposal was agreed by Fortis Healthcare LTD and the reason behind this rebranding to make a distance from the former owners Malvinder and Shivinder Singh.
This rebranding aims to make strengthen the governing process and to promote the business by putting their efforts to make it a success. The Fortis will independently plan the future business line in the hospital chains without the guidance of the former directors. The rebranding will discontinue the names and brands like Fortis, SRL, and La Femme brands, so the Fortis and the other subsidiaries need a license to use the name and logo of Parkway. There is a legal dispute are going on the use of name Fortis by the Former Directors but the executive officer Ashutosh Raguvanshi believes that it will come up in a good manner.
The diagnostic business renaming is different from the hospital business because the name has no relation between the Parkway or Fortis it will be a different name. The business of diagnostics and parkway are different so they suggest the diagnostics to choose their name. For rebranding they need the approval of the supreme court and the approval of corporates also
The parkway is Asia’s largest healthcare provider and its owned by IHH healthcare. they providing service more than 15000 licensed beds and 78 hospitals across 10 countries. The parkway has no hospitals in India. The can make Fortis to a profitable brand with the experience in the sector. The effect of COVID-19 makes a huge net loss of 179 crores. The parkway can make a change in the hospital sector by taking over Fortis Ltd.
