PremjiInvest, a private equity firm sponsored by Wipro chief Azim Premji, has invested $20 million in oncology player HealthCare Global Enterprises (HCG), to acquire a "significant minority stake" in the healthcare group.

The hospital had earlier received Rs50 crore from IDFC Private Equity and Rs10 crore from Evolvence respectively in the first and second rounds of funding.

The fresh funding would help HCG in its backward integration for cancer management on a pan-India basis and make cancer treatment accessible to all segments of the society, the hospital said in a release.

``The investment from PremjiInvest would enable us ramp up fast across various geographies besides enhancing our core research initiatives and bring cutting-edge technologies & treatment modalities. We value their operational expertise in creating world class businesses, best practices and technology and look forward to forge a strong relationship with them,'' Ajai Kumar, chairman and CEO of HCG, said.

By fiscal 2010, HCG hopes to have 15 centres across the country, including three centres of excellence.

The additional funding will enable the hospital to adopt many a new innovation in the diagnosis, treatment and management of cancer.

It costs HCG Rs40-50 crore to set up a centre of excellence which would act as the hub, and Rs8-10 crore to set up a facility attached to a hub. The hospital chain is looking at a minimum of 20 hospitals, HCG said in its release.

HCG is considering both acquisition and association with hospitals and cancer specialists, it said.

HCG has also inducted two members from PremjiInvest - Prakash Parthasarathy and Bobby Mustafa - into its board.

 "Healthcare in India is going through a rapid transition and need for top quality specialised medical care is increasing," said Prakash Parthasarathy, chief investment officer, PremjiInvest, adding the fund looks at investment opportunities in firms that are in the sectors where Wipro is not present.