Max India has lined up an investment of about $11 million in two US companies Altacast and Mindcrossing for software solutions and web-enabled services. Max India is also setting up Max MindCrossing India Ltd, a software-development and web-business company in New Delhi.

Max India's acquisition of a majority stake in Healthscribe is its first investment in the information technology (IT)-enabled services sector, which, along with web-enabled services and software services, forms part of the company's IT growth strategy.

Max India's managing director Vivek Jaitely said: "We have been exploring growth opportunities in the IT-enabled services sector, where India has a distinct advantage in terms of trained and competitive manpower."

As part of the agreement, Healthcribe Inc has guaranteed business to its Indian joint venture till 2004. At present, HealthScribe India has 500 medical transcriptionists and the new joint venture plans to employ and train 5,000 medical transcriptionists by 2004. The venture will also have unrestricted use of HealthScribe Inc's proprietary software technology for medical transcription, as well as new or upgraded versions of the software.

However, HealthScribe will continue to be responsible for the marketing of the venture's services and customer-related activities in the US.

HealthScribe is one of the leading medical transcription and electronic data management companies in the US, with a turnover of close to $22 million.

"Max is beginning its entry into the high-growth sector with the acquisition of a majority stake in HealthScribe India. Our partnership with HealthScribe Inc will enable Max to leverage its global leadership and expand the Indian medical transcription business," he said.

Max India also plans to enter the IT-enabled areas of call centres, remote processing, including back office operations, insurance claims processing, revenue accounting billing, and coding and data entry and conversion.

HealthScribe Inc chief financial officer David E Ehrhardt said: "Max India's decision to invest in HealthScribe India and manage the Indian business will give us the opportunity to expand the medical transcription business in the counrty. HealthScribe Inc will increase the marketing of these services in the US to further expand its business worldwide in conjunction with its new partnership with Max."