New Delhi, Aug 14 (IANS): In a bid to distance Fortis Healthcare from its tainted former promoters, Malvinder and Shivinder Singh, the Board of Directors of the company has decided to rebrand it as 'Parkway'.

'Parkway' is a brand in the field of healthcare, belonging to IHH Healthcare Berhad, the current owner of Fortis Healthcare.

The board gave an in-principle approval to discontinue the use of 'Fortis', 'La Femme' and 'SRL' as part of the name, brand and logo of the company and its subsidiaries in light of "various considerations including the expiry of the current brand license agreements in April/May 2021, and to reinforce the complete disassociation of the company from its erstwhile promoters", the company said in regulatory filing.

It noted that as part of its commercial strategy, the company intends to, going forward, obtain a license to use the name, brand and logo 'Parkway' as part of the name, brand and logo of the company and its subsidiaries, excluding SRL Limited and its subsidiaries and joint ventures, in relation to the hospital business.

"Parkway is a well-renowned and internationally acclaimed brand in the field of healthcare, belonging to IHH Healthcare Berhad, the ultimate parent of Northern TK Venture Pte Ltd., the promoter of the company which holds approximately 31 per cent of its share capital," the filing said. The IHH group operates more than 15,000 licensed beds across 78 hospitals in 10 countries worldwide.

"Separately, SRL Limited would seek to develop a new neutral brand name, brand and logo, unrelated to the IHH Group and the Fortis brand for use in the diagnostics business," it said.

Commenting on the development, Ravi Rajagopal, Chairman, Fortis Healthcare said, "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. Our association with IHH is a significant alliance in the healthcare industry in India."

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."