(Reuters) -IHH Healthcare said on Thursday its unit has sought up to 109.3 billion rupees ($1.25 billion) in compensation from Japan’s Daiichi Sankyo for preventing the Malaysian firm from owning a majority stake in India’s Fortis Healthcare.
In October 2023, Northern TK Venture (NTK), a subsidiary of IHH Healthcare, had filed a claim in alleging the Japanese drugmaker caused losses to the company by preventing it from proceeding with open offers to buy a stake in the Indian hospital chain Fortis in 2018.
IHH Healthcare, Asia’s largest healthcare group, had bought a 31% stake in Fortis through NTK, but had to halt its open offer to buy an additional 26% stake in the Indian firm after Daiichi filed a contempt plea against Fortis’ founders.
The Malaysian company had initially approached a Tokyo district court in November 2023, seeking Daiichi be ordered to pay 20 billion yen ($131.46 million) as damages to NTK, but on Thursday raised its claim by submitting a report by an expert it hired.
The next hearing at the Tokyo court is now scheduled for February 13, according to a separate statement from IHH.
After a report by an expert, NTK now claims compensation between 4.24 billion rupees and 109.3 billion rupees.
Fortis, in a filing with India’s National Stock Exchange, did not comment on the issue but said it would update the shareholders in case of any material developments.
Daiichi did not immediately respond to a Reuters request for comment.
($1 = 87.5600 Indian rupees)
($1 = 152.1400 yen)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Mrigank Dhaniwala and Leroy Leo)
