The race to acquire Fortis Healthcare has intensified with one more suitor – Sunil Kant Munjal of Hero Enterprise and the Burman family of Dabur – entering the fray.

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Both Munjal and the Burmans, in a joint bid, have approached the board of Fortis Healthcare proposing to invest Rs 1,250 crore in the company.

The race has intensified with three suitors in the fray. Manipal Hospitals backed by private equity player TPG were the first one to express interest.

Malaysia-based IHH Healthcare Bhd has made an offer for Fortis Healthcare.

In an offer letter to the board of Fortis Healthcare, both Sunil Kant Munjal and the Burman family, who are already existing shareholders in Fortis Healthcare, have proposed to infuse funds, which, according to Munjal, “will go beyond addressing the urgent liquidity needs of the company and help the operations stabilise with immediate effect.”

According to the letter, immediate investment from both companies will be Rs 500 crore and remaining Rs 750 crore post due diligence. The proposal is under evaluation.

“Our offer is in the best interest of Fortis Healthcare,” said Munjal. “In fact, all those connected with the company’s ecosystem, its shareholders, patients, their attendants, the community and public at large, in addition to the lenders, suppliers, doctors, medical and non-medical staff will benefit from it. We are investing in the company and our aim is to create value for all stakeholders.”

First Published:Apr 12, 2018 9:40 PM IST