The investment will come in two tranches
Piramal Enterprises Ltd (PEL) has agreed to acquire a majority stake in Health SuperHiway (HealthHiway), a healthcare analytics company, over the next 12 months. This investment, which will come in two tranches, continues PEL’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.
Ajay Piramal, Chairman, Piramal Enterprises said, “We are impressed by what HealthHiway has been able to build till now. More importantly, we like HealthHiway’s exceptional management team, which shares our commitment to reducing the burden of disease through information and insight. 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 has invested Rs 60 lakh in cash which will make it a minority shareholder in HealthHiway. PEL 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. Upon the second tranche of investment, PEL will control a majority stake in the business, become the Promoter, and assume operational control. The transaction is not subject to any regulatory approvals. No promoter / promoter group / group companies of PEL has any interest in HealthHiway.
HealthHiway is well regarded for its strong competencies in providing 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.