India's hospital chain operator Fortis Healthcare said on Thursday it will buy a 23.9

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percent stake in Singapore's healthcare provider

Parkway Holdings for about $685.3 million.

Fortis bought the stake from buyout firm TPG Capital in a deal that would give the Indian healthcare company access to Southeast Asian markets. "For Fortis, this comes close on the heels of the Wockhardt hospital acquisition in India," the firm said in a statement," the company said in a statement.