India’s Fortis Healthcare (FOHE.BO) is considering launching a counter-offer for Singapore-based hospital chain Parkway Holdings (PARM.SI) and is discussing financing options with Singapore state investment firm GIC, the Economic Times of India reported on Saturday.

Malaysian sovereign wealth fund Khazanah launched an US$835 million ($1.2 billion) bid for control of Parkway earlier this week, potentially pitting it against Fortis in a battle for Singapore’s largest private healthcare provider.

“Fortis has two options — either to exit from Parkway and make a few millions or to increase its holding through a counter-offer. The second option is more on the cards as it has also tacit support of GIC,” the paper quoted an unidentified person aware of the situation as saying.

GIC, or Government of Singapore Investment Corp (GIC.UL), has agreed to take a stake in Fortis, and the paper said the Singapore state firm would be the second-largest shareholder of Fortis after its founding Singh family.

The newspaper said Fortis declined to comment. GIC was also not available for comment.

Fortis owns about 25% of Parkway, while Khazanah’s surprise offer aims to lift its stake to 51.5%.