Malaysia’s IHH Healthcare is seeking JPY 200 billion (₹11,800 crore) in damages from Japan’s Daiichi Sankyo for blocking its bid for the control of Indian hospital operator Fortis.
IHH’s Tokyo-based indirect subsidiary Northern TK Ventures (NTK) has approached the Tokyo District Court seeking to amend its ongoing damages against Daiichi Sankyo, increasing the claim by almost tenfold to JPY 200 billion (about ₹11,800 crore).
The lawsuit pertains to damages arising from the alleged obstruction by Daiichi of NTK’s efforts to acquire shares in Fortis Healthcare Limited and its step-down subsidiary, Fortis Malar Hospitals Ltd.
“In the petition, NTK has sought, amongst others, to amend the amount of the damages claimed from the initial amount of JPY 20 billion to ₹10,930 crore for losses arising from NTK’s tortious claim against Daiichi Sankyo; JPY 5 million for losses arising from NTK’s defamation claim against Daiichi Sankyo; and the accrued interest on the damages claimed,” IHH said.
IHH, Asia’s largest healthcare operator, had bought a 31 per cent interest in the Indian firm through NTK, but later paused its open offer to buy an additional 26 per cent after NTK filed a contempt plea against Fortis’ founders.
IHH has transformed Fortis into a market leader, with a network of 28 hospitals and 400 labs.