Shivinder Singh, billionaire co-promoter of Religare and Fortis Group, is to step down from active business life to join religious sect Radha Soami Satsang Beas, Fortis Healthcare Pvt Ltd, a group firm he has been most closely associated with, said on Wednesday.
Singh's family is deeply associated with the Amritsar-headquartered philosophical and spiritual organisation. The current head of Radha Soami Satsang is related to the family.
40-year old Singh, who along with his elder brother Malvinder, control financial services firm Religare Enterprises Ltd besides the country's second-largest hospital chain operator Fortis among other businesses, was managing director and executive vice chairman of Fortis Healthcare. Last month the company’s board had reappointed him in the same role for three more years starting November 2015.
But now he has decided to work full-time with the sect and will become the non-executive vice-chairman of Fortis.
His brother Malvinder Mohan Singh will continue to be executive chairman and Bhavdeep Singh who recently rejoined as CEO will be responsible for running the business.
"Having spent almost two decades setting up and running Fortis, our mission of saving and enriching lives is an integral part of my being. Over time, this has inspired me to do more direct service and give back to society a little of what I have received in abundance... I will move to Dera, Beas post transitioning my executive responsibilities at Fortis," said Shivinder Singh.
He started working with Fortis when he led the company's Mohali unit as its COO and was instrumental in the group’s efforts for acquiring Escorts Heart Institute and Research Centre Ltd (EHIRCL) in 2005; Malar Hospital in Chennai in 2008 and Wockhardt in 2009.
A mathematics grad from St Stephens College in Delhi, Singh has done his MBA with specialisation in health sector management from the Duke University Business School, the US.
Billionaire brothers Malvinder and Shivinder Singh founded the healthcare company in 2001. Currently, it provides healthcare services in Dubai, Mauritius, Sri Lanka besides India with 54 healthcare facilities and has around 10,000 beds and 260 diagnostic centres.
Fortis also controls SRL, the country's top diagnostics chain that was previously owned privately by the Singh brothers.
Last year, Aditya Vij, CEO and Sandeep Puri, group CFO, Fortis Healthcare, stepped down from their positions.
Recently, Fortis proposed to sell its pathology business in Dubai.
On Wednesday, its shares last traded at Rs 175.60 each, up 2.87 per cent on BSE in a strong Mumbai market.