Fortis Healthcare to initiate fresh round of bidding

The Munjal-Burman combine, TPG-Manipal consortium and Malaysia’s IHH Healthcare have been invided to participate in the fresh round of bidding.

Fortis Healthcare Ltd on Tuesday decided to initiate a fresh bidding process, after the board’s previous choice of the investment offer in the bidding war did not appeal to shareholders.

A Fortis hospital building is pictured in New Delhi, India. (REUTERS File Photo)

Three bidders - a consortium of Hero Enterprise Investment Office and the Burman Family Office, a consortium of TPG and Manipal Health Enterprises, and Malaysia’s IHH Healthcare Bhd - have been invited to participate in the process.

The invited bidders, should submit their interest by May 31, Fortis said on Tuesday. It also invited other parties to submit their expression of interest.