Mumbai: The race to acquire Fortis Healthcare on Tuesday took another interesting turn with Malaysia's IHH Healthcare Berhad and KKR-backed Radiant Life Care both making binding offers.

IHH's offer involves an immediate investment of Rs 650 crore into the Indian firm. This is part of an overall proposal to invest Rs 4,000 crore.

Radiant has offered to acquire Fortis's Mulund hospital for Rs 1,200 crore and also pick up a stake in its hospital business. "To provide immediately liquidity, we would like to make a binding offer to purchase Fortis Mulund hospital without due diligence and as a going concern at an enterprise value of Rs 1,200 crore as the first step," Radiant said in its revised offer.

The revised offers of IHH Healthcare and Radiant come after the board of Fortis had said it would accept only binding offers. Its board will consider recommendations made by an expert panel on April 26.

The advisory committee constituted by the Fortis board to oversee the evaluation process and function as an adviser to the board is headed by Deepak Kapoor, former chairman and CEO of Price Waterhouse Coopers, India. The other members of the panel are Renuka Ramnath, former MD & CEO of ICICI Venture; and Lalit Bhasin, president, Society of Indian Law Firms and managing partner, Bhasin & Co.

IHH had earlier made a non-binding offer to invest Rs 4,000 crore in Fortis at Rs 160 per share. Radiant had earlier offered to acquire at least 26 per cent stake in FHL at Rs 126 per share, excluding its diagnostic business SRL.

Fortis informed the bourses on Tuesday it had received an "unsolicited binding offer" from IHH and a revised offer from Radiant.