Piramal has invested Rs 60 lakh in cash in Health SuperHiway
Piramal Enterprises has agreed to acquire a majority stake in Health SuperHiway over the next 12 months, the company said in a statement.
As a part of the deal, Piramal has invested Rs 60 lakh in cash which will make it a minority shareholder in HealthHiway.
According to the company, it 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, Piramal Enterprises will control a majority stake in the business, become the promoter, and assume operational control.
"This investment, which will come in two tranches, continues Piramal'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," the company said.