To focus on healthcare business
Religare Enterprises has revamped its top-level management by appointing a new Chairman and CEO after its promoters - Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh - voluntarily exited the board to devote more time to their healthcare business.
Mr. Malvinder has relinquished his position as Chairman of the firm, while Mr. Shivinder has quit as director. It has appointed Sunil Godhwani as Chairman and Managing Director, while Sachindra Nath will be the new Chief Executive of the financial services firm.
Making the announcement here, Mr. Malvinder said the step was taken with a view to segregating the management from ownership and, thereby, creating value for shareholders.
“Mr. Shivinder and I will continue to focus on building a global healthcare delivery business for ourself…,” he said.
Asked if their exit from the board indicate their plan to sell off the financial services firm, Mr. Malvinder said, “nothing like that...in fact, we are willing to increase our stake in Religare Enterprises.”
He also announced the induction of Mr. Shachindra Nath and Chief Financial Officer Anil Saxena on the board. Three more new members with global experience in asset management, investment and commercial banking would be inducted later, he added.
As per the arrangement, Mr. Malvinder said he would focus on global healthcare opportunities and would associate more closely with the recently-acquired Parkway Holdings in his capacity as its chairman.
“My own focus will be driven on the international aspect of the healthcare side and for Fortis, we would use Parkway as a vehicle for international growth,” Mr. Malvinder said.
On the other hand, Mr. Shivinder, who is the Managing Director of Fortis, will focus on the board to make Fortis Healthcare a world-class institute.