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Piramal Enterprises Ltd (PEL) has agreed to acquire a majority stake in Health SuperHiway Pvt Ltd, a healthcare analytics company owned by the Apollo Hospitals’ promoter family.
The transaction, to be done in two tranches of investment, strengthens PEL’s footprint in the global healthcare information business.
PEL has invested ₹60 lakh in cash, making it a minority shareholder in HealthHiway.
It will invest an additional ₹44.2 crore in the next 33 months, it said, provided HealthHiway achieves a set of specified growth milestones that are based on acquisition of hospital data partnerships.
With the investment of the second tranche of funds, PEL will control a majority stake in the business, become the promoter and assume operational control, it added.
PEL is flush with funds after it sold its domestic formulations business to Abbott in 2010 for over ₹17,000 crore. It has since been investing in different sectors, including healthcare.
The group’s journey in the healthcare information business started with its acquisition of Decision Resources Group in 2012 and subsequent acquisitions of Abacus International and Relay Technology Management.
Ajay Piramal, PEL Chairman, said in a statement that the two groups shared their approach to reducing the burden of disease through information and insight.
HealthHiway’s strengths are in data integration, analytics and development of solutions for Indian healthcare providers. And in collaboration with Indian hospital groups, PEL plans to develop HealthHiway into a key provider of information and insight about the Indian healthcare market, it said.
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