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Fortis announces its intent to rebrand as 'Parkway', a leading IHH brand

Posted On: 2020-08-14 05:12:27 (Time Zone: Arizona, USA)

The Board of Directors of Fortis Healthcare Limited ("Company") in its meeting today has given an in-principle approval for the change in the name and branding of the Company 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 rebranding decision was taken as the current brand license agreements expire in April/May 2021, and most importantly to reinforce the complete disassociation of the company from its erstwhile promoters. A Brand research was conducted by the Company which showed a positive response and preference for the 'Parkway' brand as compared to a neutral brand or any other brand of IHH Healthcare Berhad ("IHH"), the ultimate parent of Northern TK Venture Pte Ltd., the promoter of the Company with 31% shareholding. 'Parkway' is a well renowned and internationally acclaimed brand in the field of healthcare, belonging to the IHH group. The IHH group operates more than 15,000 licensed beds across 78 hospitals in 10 countries worldwide and is Asia's largest integrated private healthcare provider.

As part of its commercial strategy, the Company intends to, going forward, obtain a license to use the brand 'Parkway' as the corporate name, brand and logo of the Company and all its subsidiaries (excluding SRL Limited and its subsidiaries and joint ventures) in relation to the hospital business. Separately, SRL Limited would seek to develop a new neutral brand name, brand and logo, unrelated to the IHH Group and the Fortis brand, for use in the diagnostics business.

Commenting on the development, Ravi Rajagopal, Chairman, Fortis Healthcare said, "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."

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."

Sharing his thoughts on the brand name change, Dr Kelvin Loh Chi-Keon, MD and CEO, IHH Healthcare said, "The 'Parkway' brand is synonymous with excellence in patient-centred quality care in Asia. By rebranding the Fortis group of hospitals with 'Parkway', one of our group's leading brands, IHH Healthcare reinforces its commitment to Fortis and to India's healthcare industry. We strive to continually provide best-in-class clinical outcomes and offer world-class services."

Shares of FORTIS HEALTHCARE LTD. was last trading in BSE at Rs.135.8 as compared to the previous close of Rs. 132.6. The total number of shares traded during the day was 76783 in over 1096 trades.

The stock hit an intraday high of Rs. 137.35 and intraday low of 132.2. The net turnover during the day was Rs. 10361563.

Source: Equity Bulls

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