IHH Healthcare's unit seeks up to $1.25 billion from Japan's Daiichi over Fortis deal (updated)
06/02/2025 10:21
(Updates with background in paragraph 2 & 4, further details in
paragraphs 3 & 5)
Feb 6 (Reuters) - Malaysia's IHH Healthcare IHHH.KL
said on Thursday its unit is seeking compensation of up to 109.3
billion rupees ($1.25 billion) from Japan's Daiichi Sankyo
4568.T for its stake buy in India's Fortis Healthcare
FOHE.NS .
In October 2023, Northern TK Venture (NTK), a subsidiary of
IHH Healthcare, had filed a claim against the Japanese
pharmaceuticals manufacturer saying it caused losses to the
company by preventing it from proceeding with open offers to buy
a stake in Fortis Healthcare in 2018.
The company had initially claimed 20 billion yen ($130.99
million) that Daiichi was ordered to pay as damages to NTK in
November 2023.
After a report by an expert, NTK now claims compensation
between 4.24 billion rupees and 109.3 billion rupees.
IHH Healthcare, Asia's largest healthcare group, had halted
its open offer to buy an additional 26% stake in Fortis after
Daiichi filed a contempt plea against Fortis founders, according
to media reports.
Both Daiichi and Fortis did not immediately respond to a
Reuters request for comment.
($1 = 87.5600 Indian rupees)
($1 = 152.6800 yen)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Mrigank
Dhaniwala)
((Shivangi.Lahiri@thomsonreuters.com;))