IHH Healthcare's unit seeks up to $1.25 billion from Japan's Daiichi over Fortis deal

Malaysia's IHH Healthcare said on Thursday its unit is seeking compensation of up to 109.3 billion rupees ($1.25 billion) from Japan's Daiichi Sankyo for its stake buy in India's Fortis Healthcare.

In October 2023, Northern TK Venture (NTK), a subsidiary of IHH Healthcare, had filed a claim against the Japanese pharmaceuticals manufacturer saying it caused losses to the company by preventing it from proceeding with open offers to buy a stake in Fortis Healthcare in 2018.

The company had initially claimed 20 billion yen ($130.99 million) that Daiichi was ordered to pay as damages to NTK in November 2023.

After a report by an expert, NTK now claims compensation between 4.24 billion rupees and 109.3 billion rupees.

IHH Healthcare, Asia's largest healthcare group, had halted its open offer to buy an additional 26 per cent stake in Fortis after Daiichi filed a contempt plea against Fortis founders, according to media reports.

Both Daiichi and Fortis did not immediately respond to a Reuters request for comment.

($1 = 87.5600 Indian rupees)

($1 = 152.6800 yen)