L&L Partners [L&L] acted for and advised Fortis Healthcare Limited [Fortis], one of the leading integrated healthcare delivery service providers in India, along with its group companies, in the completion of the sale of its stake in The Medical and Surgical Centre Limited [MSCL], which is Fortis's indirect offshore joint venture in Mauritius and a healthcare provider listed on the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius.
The purchasers are CIEL Healthcare Limited (an existing shareholder of MSCL) and another group company of CIEL Healthcare Limited, and the seller is Fortis Healthcare International Limited, Mauritius which is a wholly owned subsidiary of Fortis. The transaction remains subject to the obtainment of the requisite regulatory and shareholders approvals.
The divestment of the securities pursuant to the transaction has been carried out for a consideration of approximately USD 11.14 Million.
The transaction is in line with Fortis' intention to maintain a leaner corporate structure and to effectively monetizes certain assets in the process.