Azim Premji fund invests $20 million in HealthCare Global

05 May 2008

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.