On April 18, I had blogged about San Francisco, CA-headquartered TPG Capital-backed Manipal Hospitals acquiring Fortis Healthcare’s hospital assets. However, Fortis’ shareholders objected to the acquisition, since the deal on behalf of Fortis hospitals had been approved by a board of directors elected during the ownership of Fortis’ previous management who were no longer shareholders of the company. Rakesh Jhunjhunwala, an investor in Fortis, said the hospital chain should be sold through a “fair” process that allows all interested parties to bid.
Currently, there are five competitors for acquiring Fortis Healthcare:
TPG-backed Manipal Health Enterprises revised its offer for Fortis Healthcare, raising it to $1 billion according to a regulatory filing.
Malaysia’s IHH Healthcare Bhd revised its proposal, and has offered a $1.3 billion bid.
Mumbai headquartered Radiant Life Care Pvt Ltd, backed by New York’s private equity firm KKR, made a binding proposal to acquire Fortis’ hospital located in the suburb of Mulund in Mumbai for an enterprise value of $180 million. The company’s new offer will provide immediate liquidity of $1.1 billion for cash-strapped Fortis with no equity dilution for shareholders, Radiant said.
Hero Enterprise and Burman, a consortium of two prominent Indian business families submitted an investment offer of over $230 million for Fortis. The two companies already hold about a 3% stake in the company.
Last updated: December 26th, 2025
