India's Fortis Healthcare surges on plans to sell unit stake

MUMBAI Mon Dec 17, 2012 9:28am IST

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MUMBAI Dec 17 (Reuters) - Shares in India's Fortis Healthcare rose as much as 7.5 percent on Monday on the company's plans to sell its 64 percent stake in a dental clinics business in Australia for A$270 million ($285 million).

The stake sale to British medical services group Bupa will help Fortis focus on high-end healthcare operations in Asia, it said in a statement late on Sunday.

The entire proceeds will be used to reduce the group's debt, Fortis group Chief Executive Vishal Bali told news channel CNBC TV18. The deal is expected to be completed in March 2013, Fortis said. (Reporting by Abhishek Vishnoi; Editing by Jijo Jacob)

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