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Bloomberg
The new chief executive officer at Fortis Healthcare Ltd. plans to cut a fifth of costs to resuscitate India’s second-largest hospital chain after a regulator found it was defrauded of tens of millions of dollars by its former owners.
Fortis is now looking to squeeze spending in everything from energy-efficient light fixtures to automating its business analysis unit and even renegotiating doctors’ salaries. The goal is to reduce expenses by $31 million over the next two years, Ashutosh Raghuvanshi, the CEO who took over in March, said in an interview. Fresh capital expenditure of $84 million is also in the offing.
Fortis’ shares fell as much as 1.5 percent during Mumbai trading on Tuesday while the broader gauge S&P BSE Sensex also declined.
The stock has slipped 12% so far this year.