Shivinder Mohan Singh, billionaire businessman and executive vice-chairman of Fortis Healthcare, is stepping down from the hospital chain to take up full-time "sewa" at the Radha Soami Satsang Beas (RSSB), the company said on Wednesday.
40-year-old Shivinder Singh, along with his older brother Malvinder, runs 55 hospitals under the Fortis brand. They also own financial services firm Religare Enterprises. The brothers sold their stake in Ranbaxy to Japanese drug major Daiichi Sankyo in 2008.
"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," Shivinder Singh said in a statement to the Bombay Stock Exchange.
Amritsar-based Radha Soami Satsang Beas is a philosophical and spiritual organisation. Shivinder Singh will be re-designated non-executive vice-chairman of Fortis with effect from January 1, 2016. Malvinder Singh will remain the company's executive chairman, while current CEO Bhavdeep Singh will run operations, Fortis said in a statement.
Shivinder's contribution to the creation and evolution of Fortis as the leading healthcare delivery organisation of India has been tremendous, said Malvinder Singh.
An alumnus of Doon School and Dellhi's St. Stephen's College, Shivinder Singh holds an MBA degree from the Fuqua School of Business, Duke University, USA.
Malvinder and Shivinder Singh were ranked 35th on the Forbes's list of richest Indian billionaires in 2015.
