IIML To Invest $2 M In EMR Technology

Mumbai: | Updated: Aug 20 2003, 05:30am hrs
IL&FS Investment Managers Limited (IIML), a private equity investment arm of Infrastructure Leasing & Financial Services Limited (IL&FS), will be investing $2 million in the Gurgaon-based business process outsourcing (BPO) company EMR Technology Ventures.

IIML officials refrained from commenting on the transaction.

EMR Technology chairman Rohit Arora, when contacted, said that the company plans to raise $5-7 million in the next two months and has been in discussions with several investors. IIML is one of them, Mr Arora said.

EMR focuses on health care, insurance, financial services, utilities and telecommunications industries.

Mr Arora said that the funds would be deployed for the organic growth of the company. This involves upgrading of technology and increasing seat capacity. The company currently employs 500 professionals and plans to raise the staff strength to 1,500 in the next 6-12 months. The company, which has been focused on the US markets now plans to expand to the UK markets. According to Mr Arora, We are looking at the UK market and there are a few prospective clients with whom we have initiated discussions.

It had been reported earlier that IIML would be making its foray into the BPO segment with an investment of $5-7 million in three BPO companies. IIML also plans an investment of $3 million in the Mumbai-based BPO company Datamatics Technologies Ltd (DTL). This, again, is expected to be completed by the middle of next month.

IIML-managed funds include South Asian Regional Apex fund, India Auto Ancillary Fund, Information Technology Fund and Tamil Nadu Information Technology Fund.