Of the Rs 1,250 crore - Munjal and Burmans have offered to invest Rs 500 crore immediately, and Rs 750 crore post due diligence to be completed within three weeks.
IHH's interest came only a day after TPG-backed Manipal Health Enterprises Pvt sweetened its bid to hive off Fortis's hospital operations and merge them with its own business. Ltd, and the Rs 156 per share joint offer by the Munjal family's Hero Enterprise Investment Office and Dabur's Burman Family Office.
"The said proposal is under evaluation by the company and we will keep the stock exchanges informed accordingly", it added.
Stressing that its offer is non-binding, IHH asked the Fortis board to respond on its offer by 1700 hours, April 18.
IHH Healthcare operates facilities across nine countries through a network of 49 hospitals with more than 10,000 beds as on 31 March 2018.
"As on date, based on publicly-available information and our preliminary analysis, we believe a price of up to Rs 160 per Fortis share to be appropriate, subject to satisfactory completion of a due diligence", he said. The scheme is expected to increase patient numbers at private hospitals such as those run by Manipal and Fortis.
They are entering the fray as founders Malvinder Singh and Shivinder Singh were unable to repay loans and lost Fortis shares put up as collateral.
Manipal's revised offer followed reports of discontentment among Fortis shareholders over its valuation.
Manipal's controlling shareholder Ranjan Pai on Wednesday said the reason he was not buying Fortis outright was because of the potential liabilities posed by the investigations.
Manipals are offerring Rs 155 per share.
IHH, one of Asia's largest healthcare operators, made an "unsolicited non-binding expression of interest" to Fortis for a "possible due diligence and participation with the company", Fortis said in a statement on Friday.
"Our offer does not envisage any changes in the current structure, operations and assets of the company and is simple and is nearly immediately implementable", said Anand Burman.
Fortis Healthcare would be in focus today after the company, late yesterday night, received an offer from offices of Munjals and Burmans.