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Piramal Enterprises will acquire majority stake in Health SuperHiway Pvt Ltd, a healthcare analytics company promoted by Indian Hospitals Corporation.
Apollo Hospitals Group Founder Chairman Prathap C Reddy and his family members own Indian Hospitals Corporation.
Piramal Enterprises has agreed to acquire a majority stake in Health SuperHiway over the next 12 months, the company said in a statement.
As part of the deal, the Mumbai-based firm has invested Rs 60 lakh today in cash which will make it a minority shareholder in HealthHiway, it added.
“Piramal Enterprises will be investing up to an additional Rs 44.2 crore in the next 33 months, if HealthHiway achieves a set of specified growth milestones that are based on acquisition of hospital data partnerships,” it said.
Upon the second tranche of investment, Piramal Enterprises will control a majority stake in the business, become the promoter, and assume operational control.
“This investment, which will come in two tranches, continues Piramal’s development of a global healthcare information business, which it began through its acquisition of Decision Resources Group in 2012, and its subsequent acquisitions of Abacus International and Relay Technology Management,” the company said.
HealthHiway provides data integration, analytics and solutions development to Indian healthcare providers. In conjunction with several leading Indian hospital groups, PEL plans to develop HealthHiway into the leading provider of information and insight about the Indian healthcare market.
“This investment continues our process of building a global healthcare information business and will enhance our ability to serve India—based customers in the healthcare industry,” PEL Chairman Ajay Piramal said.
Piramal shares ended at Rs 944.90 apiece on the BSE, down 2.85 per cent from previous close.
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