Tag: healthcare

Fortis to demerge hospitals business into Manipal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fortis Healthcare has announced plans to demerge its hospitals business (Fortis Hospitals) into Manipal Hospital Enterprises Private Limited (Manipal Hospitals).

According to a statement issued on late Tuesday night, the company said that the proposed transaction is subject to shareholders’ approval, creditor’s approval, applicable regulatory approvals (including Competition Commission of India, SEBI, stock exchanges and National Company Law Tribunal (NCLT)) and other customary conditions precedent.

The company’s board has also approved sale of its 20 per cent stake in SRL Limited (SRL) to Manipal Hospitals.

“The resultant entity Manipal Hospitals will be a publicly traded company listed on NSE and BSE. The remaining FHL will be an investment holding company with 36.6 per cent stake in SRL,” the statement said.

“As part of the proposed transaction, Dr. Ranjan Pai and TPG will invest RS 3,900 crore into Manipal Hospitals.”

As per the statement, the funds will be utilised by Manipal Hospitals to “finance the acquisition of 50.9 per cent stake in SRL (20.0 per cent from FHL and 30.9 per cent from other investors for which discussions are currently underway)”.

“In addition, the investment will support the proposed acquisition of hospital assets owned by RHT Health Trust (“RHT”) and the growth of the hospitals and the diagnostics businesses,” the statement said.

Accordingly, the combination of Manipal Hospitals and Fortis Hospitals will result in the creation of the largest provider of healthcare services in India by revenue with 41 hospitals in India and 4 hospitals overseas.

“The hospitals’ complementary geographic footprints and combined clinical strengths will provide significant scale, revenue and cost synergies,” the statement added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Commerce Ministry discusses regulatory issues faced by startups

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The commerce and industry ministry on Friday held consultations with various departments to resolve regulatory issues being faced by startups in the sectors such as e-pharmacy and unmanned aerial vehicle (UAV).

Issues like presence of pharmacist at e-pharmacy platforms, stream lining of application process for NBFCs by the Reserve Bank, reforms in current guidelines for UAV sector, “which does not allow for manufacturing of drones, and vehicle specifications for door to door retail delivery of petroleum, were discussed at length,” the ministry said in a statement.

Commerce and Industry and Civil Aviation Minister Suresh Prabhu chaired the roundtable meeting here.

Matters related with retail delivery of petroleum from door to door was also deliberated upon in detail.

“Held a roundtable meeting on regulatory issues with startups and representatives of various Ministries. An interactive discussion to understand regulatory issues faced by startups and the way ahead to facilitate.We are committed to foster entrepreneurial ecosystem in the country,” Prabhu said in a tweet.

Officials from different departments including industrial policy and promotion, RBI, SEBI, Ministry of Petroleum and Natural Gas, Ministry of Health and Family Welfare, Drugs Controller General OF India, Ministry of Finance were present in the meeting, it added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

USFDA approves Sun Pharma’s psoriasis specialty drug Ilumya

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US Food and Drug Administration has approved Sun Pharma’s generic Tildrakizumab branded as Ilumya.

Deepak Malik of Edelweiss Securities said that Sun Pharma is the first from India to launch this specialty drug in such a big market. “It is not a branded generic but a specialty drug for Sun Pharma.”

Malik also expects Ilumya to be launched in the US market in the next six months.

He said that the company was looking to make around USD 200-300 million revenue in the next three-four years. “Sun Pharma is the sixth player entering into the psoriasis market … It is a $3 billion market and it is a good molecule”.

“Have a target of Rs 530 per share for Sun Pharma”, he further mentioned.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt to prepare draft of Ayushman Bharat Scheme for cabinet nod today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government is likely to lay out a draft of Ayushman Bharat Scheme (the Modicare programme) for cabinet nod today, say sources.

The scheme is likely to include 1,366 health packages as recommended by Directorate General Of Health Services (DGHS). The government has proposed a 60:40 ratio between the centre and the states.

The national health protection scheme will provide hospital cover to over 10 crore families and Rs 1200 crore have been allocated for 1.5 lakh health and wellness centres.

(This story will be updated with further details)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow