Fortis Healthcare has emerged as one of the fastest growing healthcare companies in India has gone on an expansion spree in the country as well as in the international markets.

The company acquired a 24% stake in Parkway Holdings which is one of the leading healthcare firms in Asia. The company was mainly focusing on companies within the country but with this acquisition it has stepped up its global expansion plans.

The acquisition is seen as the largest overseas acquisition by an Indian company in the sector. Parkway Holdings is a leading player in the health sector based in Singapore. It runs 16 hospitals in various countries including Singapore, Malaysia, India, the UAE, Brunei and China with a combined capacity of 3,400 beds.

The deal will spread Fortis' presence across markets in Asia. It is also planning to increase its number of hospitals from 62 with a combined capacity of 10,000 beds. This will make it the largest heal sector player in the country.

It has acquired the stake from TPG Capital for $685.3 million. The company has been planning acquisitions aggressively but has yet to arrange for funding for the deal. Among other deals Fortis acquired 10 Wockhardt Hospitals last year and it has also announced plans to raise around Rs 1,250 crore for inorganic expansion.

The company has already raised funds through a public issue which was followed by a rights issue. The shares of the company opened at Rs 180 and rose 4% to touch record Rs 185. The stock is presently trading at around Rs
183.