Shivinder Mohan Singh, one of the two founders of Fortis Healthcare and currently executive vice-chairman of the hospital chain, is stepping down from his position to join the Radha Soami Satsang Beas (RSSB), a spiritual movement that has a large following in northern India.It is being seen as a stunning decision by one of the country’s leading young business leaders who, along with his brother, helped create a top-draw healthcare venture. Singh, 40, will become the non-executive vice-chairman with effect from January 1, 2016, the company said in a statement.
“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,“ said Singh, commenting on his decision to step down.
Singh said he had requested for `Sewa’ at Radha Soami Beas, headquartered near Amritsar. “I am fortunate to have been accepted. I will move to Dera, Beas post transitioning my executive responsibilities at Fortis,“ he said. Singh and older brother Malvinder Mohan Singh, 43, own about 71% of the company , which owns around 30 hospitals.
Singh joined the business about 15 years ago after completing his masters in business administration (MBA) from Duke University in healthcare. Armed with a masters in mathematics, Singh was clearly very sharp with numbers but it was his high emotional quotient that served him well, said people close to him.
Popular as SMS, Singh and his family have long been Radha Soami Satsang followers. This included his father, the late Parvinder Singh. While his maternal grandfather was previously one of the organisation’s leaders, it’s currently headed by maternal uncle Baba Gurin der Singh.
Supporting his younger brother’s decision, Fortis ex ecutive chairman Malvinder Singh said: “It is not al ways that one gets to commit oneself in the service of society and I am delighted that Shivinder is taking this step at this phase of his life.“ Shi vinder’s contribution to the creation and evolution of Fortis as the leading health care delivery organisation of India has been tremendous, Malvinder added.
The Singh brothers founded Fortis Healthcare in the late 1990s. They sold their stake in Ranbaxy to Japanese drug major Daiichi Sankyo in 2008.
Shivinder added in his statement, “Our businesses are stable and Fortis is on a promising trajectory . I want to assure our business partners and colleagues that I will continue to guide the organization to realize its full potential.“