Trehan sells 10% stake in Escorts for Rs 70 cr: sources | Latest News Delhi - Hindustan Times
close_game
close_game

Trehan sells 10% stake in Escorts for Rs 70 cr: sources

None | By, New Delhi
May 31, 2007 03:25 AM IST

Naresh Trehan on Wednesday joined Apollo Hospitals after quitting as Executive Director of EHIRC.

Following days of bitter battle with the promoters of Escorts Heart Institute, noted cardiologist Naresh Trehan on Wednesday joined Apollo Hospitals after quitting as Executive Director of EHIRC, where he is understood to have sold his 10 per cent stake for an estimated Rs 70 crore.

HT Image
HT Image

Trehan announced his decision to join Apollo in a sudden development today, after disengaging himself from EHIRC, where he was reinstated as the ED last week following an out-of-court settlement with the heart institute's promoters, the Fortis group.

Hindustan Times - your fastest source for breaking news! Read now.

Trehan is understood to have sold his 10 per cent equity to people close to the promoters of Ranbaxy, a pharma major controlled by Malvinder Singh, brother of Shivinder Singh who owns the majority stake in EHIRC.

While Trehan declined to comment on the issue, citing a confidentiality agreement with the Fortis management, Shivinder and his associates also did not give any details on the financial parting.

However, sources close to the development said that Trehan's sale of stake was part of the out-of-court settlement reached with the EHIRC management.

Earlier today, Fortis had said in a statement that it had not bought any stake from Trehan.

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On