Radiant Life Care seeks more time from Fortis Healthcare for binding offer

With Fortis board deciding that it would only consider binding bids in its April 26 meeting, Radiant's offer might not be taken up for approval

Private equity firm KKR-backed Radiant Life Care, which joined fray for acquiring the assets of cash-strapped Fortis through a non-binding expression of interest on Thursday, has sought more time to complete due diligence before it can make a binding offer. 

“We intend to ask Fortis Healthcare to allow us to complete due diligence within next few weeks,” said Radiant Life Chairman Abhay Soi.

Radiant has proposed that the hospital business of Fortis  be demerged into a new company excluding Fortis’s stake in diagnostics firm SRL. Fortis holds a 56 per cent stake in SRL. The all-cash offer to shareholders of the proposed