IHH Healthcare’s unit revises compensation claim to up to ₹10,930 cr from Daiichi over Fortis deal

Malaysia’s IHH Healthcare is seeking a compensation of up to ₹10,930 crore from Japan’s Daiichi Sankyo for its stake buy in India’s Fortis Healthcare .

In October 2023, Northern TK Venture (NTK), a subsidiary of IHH Healthcare, had filed a claim against the Japanese pharma manufacturer saying it caused losses to the company by preventing it from proceeding with open offers to buy a stake in Fortis Healthcare in 2018. 

The company had initially claimed 20 billion yen ($130.99 million) that Daiichi was ordered to pay as damages to NTK in November 2023.

The upper bound of these damages have been revised based on report of an appointed expert.

IHH in a statement said, NTK on February 6, 2025 submitted an expert report by the appointed expert, Osborne Partners, which includes an analysis and quantification of the damages suffered by it “on three counterfactual scenarios had the Open Offers proceeded”.

“Based on the report, the amount of compensation being sought against Daiichi Sankyo ranges from ₹424 crore (at its lowest) to ₹10,930 crore (at its highest), depending on what relevant parameters are applied,” it said.

NTK reserves its rights to amend its claim for damages, including to add other heads of loss and/or to claim the costs of the legal fees it is seeking from Daiichi Sankyo, the statement further added.

Open offers for Fortis was made in 2018.

Reportedly, IHH Healthcare in December 2018 had to halt its open offer to buy an additional 26 per cent stake in Fortis after a court ruling ordered status quo to be maintained following Daiichi filing a contempt plea against Fortis’ founders. This legal hurdle effectively suspended IHH’s efforts to expand its shareholding in the Indian healthcare provider.