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On 8 November, the Board of Management of Fortis Healthcare, the second largest healthcare provider in India, accepted the resignation of Bhavdeep Singh, the company's executive director.
Singh supported his resignation for professional and personal reasons. In the hospital chain, he said that Singh would continue in his current role until he crystallized his succession.
Singh said that it was time to continue with Malaysian company IHH Healthcare, which will take over Fortis as the majority shareholder in the coming weeks.
"After two very demanding years, the company is on a stable platform and looks forward to the future with optimism. The reality is that the challenges in the company have not allowed me to spend time with my family over the past few years and I have to do it now," he said. Singh in Fortis's statement.
"With this I said that I am very pleased that the recovery of the economy was well underway with the solid improvements that have been shown in the second quarter and with the results of October reflecting the best results we have had over the past 12 months", said Singh.
Singh joined Fortis in July 2015 and led the company into a difficult phase.
"Singh was important in building the necessary capacity in organizing and delivering exceptional value with many of the industry's first, namely, performing measurements and reporting on clinical outcomes, advocating the cause of organ donation and much more," said Fortis in a statement.
"During his term, Singh conducted more diligence and a series of initiatives to raise capital, which received very positive feedback from all who worked with him in this process. He worked with internal and external partners to ensure that unprecedented times would not have avoided any stone, "she added.
Singh, an American citizen, collected Fortis's former Singh Brothers promoters in February 2009 to run a hospital chain that is rapidly expanding. Singh resigned from the company in November 2010, citing family reasons. Singh's veteran retailer has led global and domestic supermarket chains such as A & P, Spencer's Retail and Reliance Fresh
Fortis Committee on 13 July 2018 unanimously approved a binding investment proposal from IHH in order to invest 4,000 croreds with a priority allocation. The raised capital would primarily be used to complete the proposed acquisition of RHT India funds and capital injection into the company.
The deal got the latest major approval from the Indian Competition Commission against the Indian Antitrust Regulatory Authority (CCI) last month. Before this week, President Fortis Ravi Rajagopal said that with all the consents relating to the Fortis IHH transaction, now established and both organizations work to complete the transaction quickly.
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