Fortis Healthcare is looking at potential targets to acquire as it is in "a potition for massive expansion", Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare, told CNBC-TV18.

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“We have a good brownfield expansion plan where we are adding almost 25 percent further capacity or around 1,500-1,700 beds. And, for that, the funds are tied up," said Raghuvanshi.

"Beyond that, we have the capacity to do further mergers, but we would go strategically — first in the areas we already have presence and then if there are any opportunities where a perform cluster in an attractive location and at an attractive valuation is available."

The firm plans to go for accelerated growth but is waiting for a legal issue to get over. Raghuvanshi said the judgement on the open offer for Fortis Healthcare, which will allow Malaysia’s IHH Healthcare Berhad to take a controlling stake in India’s second-largest hospital chain can be announced anytime this month.

In 2018 the Securities and Exchange Board of India (Sebi) approved IHH Healthcare to launch an open offer for shareholders of Fortis, asking them to tender their shares at Rs 170 apiece. Sebi approved the proposal for the open offer worth Rs 3350 crore in December 2018.

Later, Japanese pharmaceutical company Daiichi Sankyo challenged IHH's proposed acquisition of Fortis in an effort to hold the Fortis founders accountable for an arbitration award of Rs 3,600 crore ($500 million) resulting from a fraud claim. In December 2018, the SC halted the IHH-Fortis agreement.

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Having taken a 31 percent controlling position in Fortis in 2018, the IHH group was required to make an open bid to purchase a further 26 percent of the company's shares from the market. Due to ongoing court processes, the open offer has not been implemented.

“IIH is absolutely committed to Fortis and India as a market and they have reportedly said that Fortis is going to be their main vehicle for expansion, so IIH is committed to Fortis and we are looking forward to having this legal thing behind us very soon,” said Raghuvanshi.

Watch the accompaning video for the full interview.

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(Edited by : Nishtha Pandey)