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U.S. based One Equity buys stake in Apollo Health Street
By agencies
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Wednesday, 04 May 2005, 19:30 IST
HYDERABAD: Maxwell Mauritius, a wholly-owned subsidiary of Singapore-headquartered Temasek Holdings and One Equity Partners, the private equity arm of U.S. based JP Morgan Chase, will invest $7.5 million in Apollo Health Street Ltd, a subsidiary of the Apollo Hospitals group.
According to an company statement, this investment will enable Apollo Health Street expand and strengthen operations in India, invest in customer-facing capabilities in North America and strive for inorganic growth.
Dr Prathap C. Reddy, Chairman, Apollo Hospitals Group said, "I am pleased that this young venture has already started to attract attention from the international financial fraternity, and the current investment is a reaffirmation of the Indian healthcare services opportunity."
The investment from the private equity funds follows Apollo Health Street winning the `single largest order' for medical business process outsourcing. The company offers end-to-end medical BPO and IT services to U.S. based physician groups, hospitals and payers. It has offices in Hyderabad and New York and has over 600 employees.