Fortis to launch hospitals in Hyderabad, Agra

Fortis will have a total of 68 hospitals in its network across India

Fortis Healthcare India said it will set up two new hospitals in Hyderabad and Agra as part of an ongoing expansion programme. “These two new projects are in line with our commitment to increasing the network and making quality healthcare accessible across the country,” Fortis Healthcare India chief executive officer Aditya Vij said. The company, however, did not share the planned investment on the two new hospitals.

The super-speciality hospital in Hyderabad with a 150 bed capacity will be functional in FY2013 and is the second project from the company in the city. The hospital in Agra will initially be a 75-beded cardiac care centre, which will expand into a multi-speciality facility and become operational by end of FY 2012.

Once the two new facilities go on stream, Fortis will have a total of 68 hospitals in its network across India. Fortis Healthcare plans to raise its operational bed capacity to 4,500 by end of March, 2012 from 4,000 now as new hospitals open up. Fortis commissioned its first hospital in 2001 at Mohali and has expanded its operations to become a pan-India network with 4,000 operational beds.

In the early afternoon, Fortis Healthcare India was trading at around Rs116 per share on the Bombay Stock Exchange, 0.64% down from the previous close.

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50% of Indian families feel inheritance is a burden: Survey

According to Barclays Wealth Insight series, 82% of the Indian wealthy trust the next generation to protect their inheritance

According to a survey conducted by Barclays Wealth Insight series, 82% of the Indian wealthy trust the next generation to protect their inheritance. Globally, that number is 65% which states that 35% of the global wealthy do not trust their children to protect their inheritance. In India, 81% of the wealthy surveyed believed it is important to follow in their parents’ footsteps. This is in sharp contrast to countries in the West like UK (8%), the US (12%) and Australia (9%).

The report also highlights that inheritance of wealth at times leads to a burden on the next generation. 50% of the families in India feel that inheritance is a burden against 29% globally. The report, “The Transfer of Trust: Wealth and Succession in a Changing World”, is based on a global survey of more than 2,000 high net worth individuals. It provides an in-depth examination of wealthy individuals’ attitudes towards wealth transfer and succession planning, as well as offering an insight into what the future holds for the next generation. Interestingly, it also looks at how wealth in many cases can act as a double-edged sword, leading to distrust and conflict.

The report reveals that 40% of global wealthy have had direct experience of family wealth leading to disputes. This figure was the highest amongst respondents in India, with 61% of those surveyed stating that they have encountered family conflict due to wealth – a sentiment echoed by respondents in Singapore (53%), Hong Kong (51%) and Monaco (51%). Interestingly, 50% Indian respondents have disinherited a family member out of their will.

Despite all the potential tensions associated with succession and wealth, the report shows that the world’s wealthy (96%) remain committed to passing on their assets to the next generation, with only four per cent of global respondents feeling that this should not be the case.

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IDFC launches tax saving infrastructure bonds

IDFC infrastructure bonds issue opens on 21 November 2011 and closes on 16 December 2011

IDFC has launched 80CCF infrastructure bonds which offer 9% annual interest rate.

The issue opens on 21 November 2011 and closes on 16 December 2011. After the lock in period of five years, the bond will list on the NSE and BSE. Face value of one unit of the infrastructure bond is Rs5,000.

The maturity period is ten years for the bond with a buy back option after five years of the allotment of IDFC infrastructure bond. The lock in period of the bond is five years and after five years the investor can redeem the bond by using buy back option.

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