Hospital chain Fortis Healthcare has said that an Australian court has cleared A$270 million (Rs 1,452 crore) sale of its Australian subsidiary Dental Corp Holdings to British medical services group Bupa Plc.
“The Supreme Court of Victoria has approved the scheme of arrangement for Bupa Australia Health to complete its full acquisition of Dental Corporation Holdings. Subsequently, Bupa is to acquire 100 per cent of the shares in Dental Corporation on May 31,” Fortis Healthcare said in a statement.
Dental Corp is the largest dental care network in Australia and New Zealand. In 2010, Fortis Healthcare's Singapore-based subsidiary Fortis Healthcare International had acquired a 33 per cent stake in Dental Corp. In 2011, it raised it to a majority stake.
Fortis is controlled by brothers Malvinder Singh and Shivinder Singh, the promoter family in Ranbaxy Laboratories.
In December 2012, the company agreed to sell its 64 per cent stake in Dental Corp to Bupa, subject to necessary regulatory approvals.