American health insurance company Aetna International today said it has completed acquisition of Indian Health Organisation (IHO) for an undisclosed amount, marking its foray into the Indian market.
"Aetna has acquired 100 per cent ownership of IHO. IHO will operate as a separate business within Aetna International, under its existing leadership structure, reporting to the Southeast Asia region," Aetna South East Asia managing director Derek Goldberg told PTI.
However, he declined to give the financial details of the acquisition.
"India's growing health care market presents tremendous opportunities. The out-of-pocket medical spend in India is more than $30 billion annually," Goldberg said.
The service offered by IHO targets "that direct consumer" spending on health care by providing affordable access to primary and preventative care, he added.
Speaking on the occasion, IHO co-founder and business development head Visham Sikand said: "I am excited about the prospects of making quality health care and wellness programs more affordable and accessible for consumers in India."
With the acquisition, the company will have direct access to a customer base of 80,000 members and also a network of nearly 3,000 doctors, dentists, clinics and labs, Aetna said in a statement.
Aetna intends to retain the management and all employees at IHO which presently operates in 18 cities across India, it added.
