Fortis Healthcare has sought investment banking firm Arpwood Capital Private Limited to act as a second financial advisor on offers that have come in for the company.
Arpwood is expected to provide its independent opinion on present or future offers received from bidders for a potential "significant" equity investment, acquisition or restructuring of Fortis' assets, the company said.
It will also advise on the "appropriateness" of the process put in place for dealing with these offers, Fortis added.
On April 28, the Fortis board instructed the company's management to appoint a second independent financial advisor, apart from Standard Chartered Bank, to assist and advise it with respect to the bids. The company also continues to be advised by Cyril Amarchand Mangaldas as legal advisor.
Manipal-TPG, IHH Healthcare Bhd, Radiant Life Care-KKR and Hero Enterprise Investment Office-Burman Family Office have made bids for Fortis.
A two-member expert advisory committee will review these offers and recommend one for a potential deal to the company's board. The board is expected to deliberate on the committee's recommendations on May 10.
