Deals
Singh Brothers' Firms Reorganize as Tycoons Wrestle With Debt
- Malvinder quits as Religare non-executive chairman in shakeup
- Fortis to buy assets of RHT unit as part of reorganization
Malvinder Singh, left, and Shivinder Singh in 2013.
Photographer: Manoj Verma/Hindustan Times via Getty ImagesThis article is for subscribers only.
Two companies controlled by tycoons Malvinder and Shivinder Singh announced a reorganization as the brothers wrestle with debt and legal tangles.
The Singh brothers’ Religare Enterprises Ltd. announced a shakeup late Tuesday, with Malvinder stepping down as non-executive chairman of the financial services and small-business lender while four other officials also resigned. Separately, another Singh holding, Fortis Healthcare Ltd., offered to buy the assets of its Singapore-listed RHT Health Trust as part of a broader reorganization for Fortis, India’s second-largest private hospital chain by market value.