Nandini Piramal joins Piramal Healthcare as the Executive Director

Piramal Healthcare Limited has announced the appointment of Ms. Nandini Piramal on the Board of the company as the Executive Director. Nandini Piramal has been associated with the business for last four years looking after the operations in Canada. Nandini Piramal is the daughter of the promoters Mr. Ajay Piramal and Dr. Swati Piramal.

Prior to her induction on the Board of Piramal Group, Nandini Piramal was the GM – Strategic Marketing of Piramal Healthcare, during which she was closely associated with the business of the company’s overseas subsidiaries and gained deep insight into the Group’s Pharma Solutions business. She played a key role in implementation of Operational Excellence Projects at the company’s overseas locations in UK and Canada. She was also actively involved in due diligence of acquisition and joint venture targets.

Ms. Piramal is a graduate in BA (Hons.) from Hertford College, Oxford University and is an MBA from the Stanford Graduate School of Business. In her role as a Business Analyst with a leading management consulting firm she worked on projects in Growth Strategy, Supply Chain Management and Information Technology Strategy of various corporate clients.

Fortis announces yet another buoyant quarter

Fortis Healthcare Ltd., one of India’s leading chain of private hospitals with a network of 26 hospitals (including 11 satellite and heart command centres)* with a capacity of ~ 3000 beds, today announced its unaudited consolidated results for the 3^rd quarter and 9 months ended 31^st December 2008.

Quarter ended 31^st December 2008 (Q3 FY09)

• For the third quarter, the Company reported 33% growth in operating revenue as compared to corresponding quarter in the last fiscal. Aggressive strategies adopted to increase number of facilities and specialties across Fortis network have lead to the buoyant growth.
  
• EBIDTA margins for the quarter stood at 18%, up from 15% in the corresponding quarter. On absolute basis the EBIDTA grew by 47%.
  
• The net profit stood at Rs 5.1 Crore as compared to a loss of Rs 6.8 Crore in the corresponding quarter last year. On a trailing quarter basis, the net profit before exceptional items grew by 38%.
  
• Escorts Delhi completed 20 years in providing tertiary care in the field of Cardiac Sciences. Earlier during the financial year, Escorts was awarded “Super Brand” status by Super Brand India, as acknowledgement of its strong brand equity.
  

Commenting on the results, Mr. Shivinder Mohan Singh, Managing Director, Fortis Healthcare Ltd., said, “A continuous strong focus on delivering consistent quality care and operating efficiencies across the network is leading to a higher level of patient trust and FORTIS brand recognition. This brand recognition has also led us to expand our network aggressively”.

9 Months ended 31^st December 2008 (9MFY09)

• Operating revenues of the company grew by 22% over the corresponding period to Rs 458 Crore. All the hospitals recorded increase in revenues ranging from 13% to 53%, with notable performance by Amritsar, Mohali, Noida and Escorts Delhi.
  
• For the same period, the operating revenues for the entire network hospitals stood at Rs 542 Crore, registering a growth of 24%.
  
• EBIDTA grew by 77% from Rs 47 Crore to Rs 83 Crore. EBIDTA margins for the period stood at 17%, up from 12% for the corresponding period.
  
• Growth in revenues together with expanded gross margins and optimization of operating costs has resulted into a net profit of Rs 16 Crore as compared to a loss of Rs 45.6 Crore in the corresponding period last year.
  

The company, in line with its vision to become a globally respected Healthcare Organization, continues to add new hospitals to its network in an aggressive manner. Fortis Clinique Darne a 120 bedded hospital in Mauritius, the first international foray of the Company is expected to provide firsthand experience of managing healthcare delivery in developed market and will go a long way in attracting Medical Value Travel to India.

Consequent to acquisition of majority stake, Fortis Hospital Seshadripuram has started to re-position its medical program in order to add new specialties and elevate the level of medical care. This is Fortis’s second venture in South. With the strategy to expand its network rapidly and to strengthen presence in west, Fortis recently took over the operation and management of a 200 bedded hospital (now known as Fortis Modi Hospital) in Kota.

The overall performance for the period has been encouraging and tracking as per plan with most of the hospitals constantly setting new milestones in terms of operating and financial parameters. The continuous endeavour to deliver high quality medical care coupled with patient centric approach shall remain the core foundation for strengthening the FORTIS Brand

The Muthoot Group opens its 1000th branch at Vazhakkala

The Muthoot Group, A Muthoot M George Enterprise, today announced the opening of their 1000th branch at Vazhakkala, Kochi, Kerala. The 122 year old Rs. 20,000 crores business conglomerate today has diverse interests in 16 business verticals ranging from Financial Services, Infrastructure & Housing, Information Technology, Power Generation, Hospitality to Healthcare & Education. The group has a presence in 20 states across the country and international presence in the UK and UAE.

Speaking on the occasion Mr. M. G. George Muthoot, Chairman, The Muthoot Group, A Muthoot M George Enterprise, said “It is a matter of extreme pride for us to have grown from 450 to 1000 branches in a span of less than three years. With every new branch, and with the addition of every new Muthoot customer, we re-iterate our commitment to ensuring trustworthy flawless services coupled with our unblemished track record of 122 years. We aim to operationalize 1500 branches by the end of FY 2010.” “Our steadfast resilience and complete dedication towards our customers spread across India and even overseas has provided us the zeal to innovate constantly and to offer customer-centric products & services,” he added.

Mr. M. G. George Muthoot, Chairman, The Muthoot Group, A Muthoot M George Enterprise addressing the media at the opening of the group’s 1000th Branch

The group established in the year 1887 by Mr. Ninan Mathai Muthoot, whose ‘2 elephants in unison’ logo denotes strength & stability, The Muthoot Group, A Muthoot M George Enterprise firmly believes in its values of honesty, integrity and determination.

The financial services division of the Group, Muthoot Finance was established in 1939 under the leadership of Mr. M. George Muthoot. It offers multiple services including retail gold finance, deposits, money transfer, insurance, precious metals and foreign exchange to name a few. Muthoot Finance has served over 250 million customers and has a customer footfall of around 30,000 every day seeking retail gold finance. The vast branch network of Muthoot Finance enables the Group to cross and up-sell various products and services of the other verticals of the Group.

Muthoot Finance is the pioneer in ‘Retail Gold Finance’ and is the largest player in this segment worldwide. In continuation of its tradition in revolutionizing the retail gold finance, it has conceptualized ‘5-Minute Gold Power Loans’. This is the fastest and the most hassle-free way to avail loans at the most attractive rates against Gold.

The Muthoot Group, A Muthoot M George Enterprise is actively looking at opportunities for inorganic growth in healthcare, travel related services and entertainment. The Hospitality division of the group has plans of launching a 7-Star Deluxe Hotel in Kochi amongst its other plans for the current fiscal. The Group has also launched its global arm “Muthoot Global“, which mainly deals in Wealth Management, Cash Transfer & Gifting and has a presence in the UK and UAE and plans to expand the network and diversify its foreign operations in the immediate future to more shores outside the country.

For more information, please visit www.muthootgroup.com

Creator of “mini liver” & Cryo-Save Scientific director Prof. McGuckin to visit India

Cryo-Save India today announced that their new Scientific Director Professor Colin McGuckin, will be visiting India between February 27 and March 3, 2009. Prof. McGuckin, who made a medical breakthrough in 2005 with the creation of the world’s first “mini liver” from umbilical cord blood, will share his plans on integrating new scientific technologies which may substantially speed up treatments for life-threatening illnesses, injuries and disabilities. Cryo-Save India, who has taken the initiative to organize the Professor’s visit, believes that this will act as an impetus for people in India to accept stem cell banking as a new form of health protection for the future.

During his visit, Prof. McGuckin will engage with regulatory authorities to share information that will shape future direction and progress in cord blood banking and advances in patient treatments. He will also talk about his latest discoveries in Regenerative Medicine, including his recent creation of the world’s first artificial pancreas, which may have important implications in diabetes.

Prof McGuckin, who has recently been appointed as Scientific Director for Cryo-Save, will be travelling to Bangalore, New Delhi and Mumbai.

Armed with 20 years of experience in stem cells, Professor McGuckin is an opinion leader who has been called upon by governments and hospitals around the world. He is also President of the Novus Sanguis Consortium, which brings together leading adult stem cell researchers and clinicians from across the world to work on specific diseases of the human condition, including heart disease, stroke, diabetes and organ degeneration.

Prof. Colin McGuckin Is Cryo-Save Group’s New Scientific Director

Cryo-Save Group, Europe’s Largest Adult Stem Cell Banking Company announced the appointment of its new Scientific Director, Professor Colin McGuckin. In his new role, Professor McGuckin will be responsible for integrating new scientific technologies and keeping Cryo-Save’s storage services at the leading edge.

Professor McGuckin has made several advancements in stem cells including the creation of a “mini liver” from the umbilical cord blood, nervous tissues and blood vessels from cord blood cells as well as “pancreatic islets” – a major producer of insulin for treating diabetes amongst others.

Armed with 20 years of experience in stem cells, Professor McGuckin is an opinion leader who has been called upon by governments and hospitals around the world. He is also President of the Novus Sanguis Consortium, which brings together leading adult stem cell researchers and clinicians from across the world to work on specific diseases of the human condition, including heart disease, stroke, diabetes and organ degeneration.

Professor McGuckin stated, “My vocation is to treat patients with umbilical cord blood and I believe Cryo-Save, with their innovative and responsible program for storing cord blood will help achieve this goal faster, for more patients on an international scale.”

Rob Koremans, CEO, Cryo-Save said, “Prof. McGuckin’s recruitment is an auxiliary step in our efforts to put Cryo-Save at the forefront of the global stem cell market place. Gaining such tremendous scientific know how will help sustain financial security and contributions to patients”.

Existing board to stand by EMRI

The existing board of members of Emergency Management and Research Institute, Dr. Jayaprakash Narayan, National Co-ordinator, Lok Satta, Mr. K. Krishnam Raju, Chairman, Suchitra Group, and Prof. Raj Reddy, Carnegie Mellon University, after the resignation of other members including Dr. A.P.J. Abdul Kalam as Chairman Emeritus yesterday issued a joint statement saying that they will stand by the cause of EMRI under the current difficult circumstances. Mr. Rajat Gupta, Chairman, ISB Board is out of the country but he continues to be a member of the EMRI board.

The following is the text of the joint statement:

The unfortunate developments in the Satyam Computers have created a difficult situation for the non-profit organisation EMRI which was founded by the family of Sri Ramalinga Raju. In recent days, Dr Abdul Kalam, Chairman Emeritus and five other directors have resigned from the Governing Board of EMRI.

Under the circumstances, the easiest course of action for the remaining members of the Board is to quit as directors, and let events take their own course. All of us are purely honorary members, and we have never accepted any remuneration or sitting fee. We have been giving time to EMRI as a labour of love, and in the belief and knowledge that the pioneering work done by EMRI is vital to provide emergency relief and save lives and limbs. EMRI’s chief contribution to India is to raise awareness and help to establish a nation-wide, safe, reliable high quality emergency relief system that a modern, civilized society deserves and needs.

Therefore, we, the remaining members of the Board have decided to continue to serve on the Board and help EMRI carry out its responsibilities. If the Governments at the union/ state levels feel that the emergency relief can be best provided by taking over EMRI under the laws of the land, we will do everything possible to facilitate such a transition. Meanwhile, we will do everything possible to raise resources to fulfil EMRI’s obligations and continue and expand the excellent work that is being done. We believe that the baby should not be thrown out with the bath water, and the acts of commission or omission of founders of EMRI in other organizations should not undermine public interest in the vital area of emergency relief and management.

We also believe that all financial and operational details of EMRI, including the MOU’s entered into with various state governments should be made public so that people can judge for themselves the work being done. Accordingly, the chief executive has been requested by us to make available all information public, especially every bit of information related to public money received from any agency / state/ union government.

We are also in the process of appointing an independent agency to go into all financial and operational details of EMRI, so that the Board and the public are assured that highest ethical standards are observed in managing the EMRI.

We urge all sections of the public to extend support to the Members of the Governing Board in fulfilling the mission of EMRI undaunted by the problems that have cropped up outside this non-profit organisation.