Leading hospital chain Fortis Healthcare will now have a new name — Parkway, a brand that Malaysian health care major IHH owns.
Fortis plans to get a licence to use Parkway as the corporate name, brand and logo for all its subsidiaries in the hospital business. The rebranding will lead to discontinuation of the Fortis, SRL and La Femme brands.
When asked about details of the new brand licence agreement it intends to enter into, Raghuvanshi told PTI, “Terms of agreement will be discussed, as all this is subject to the approval of the Supreme Court and the requisite authority. So, we will be discussing with IHH to determine what kind of agreement has to be made. However it will be an arm’s length kind of agreement.”
“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,” Fortis Healthcare chairman Ravi Rajagopal said.
“As part of its commercial strategy, the company intends to, going forward, obtain a licence to use the brand ‘Parkway’ as the corporate name, brand and logo of the company and all its subsidiaries in relation to the hospital business,” it added.
on Friday Fortis reported consolidated net loss of Rs 187.88 crore for the quarter ended June 30, owing to the impact of COVID-19 pandemic. The company had posted a net profit of Rs 78.01 crore for the corresponding period of the previous fiscal, Fortis Healthcare said in a filing to the BSE. Its consolidated income from operations stood at Rs 605.95 crore for the quarter under consideration. It was Rs 1,138.31 crore for the corresponding period a year ago, it added.
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.”
