The Emergency Management and Research Institute (EMRI), the brainchild of Satyam founder B Ramalinga Raju that runs the 108 ambulance services, has shortlisted city-based GVK group and Mumbai-based Piramal Healthcare Limited for funding its activities. The institute would finalise one of them in about 10 days.
The partner would be required to fund about Rs 50 crore a year. This amount would basically be used to meet the leadership and research costs of the EMRI. Also, it would be required to pump in Rs 100-110 crore this year to meet the obligations.
Speaking to Business Standard, EMRI chief executive officer Venkat Changavalli said they were going through legal and financial formalities to induct the new funding partner. At this point, it is not looking at a multiple funding partners as it would dilute the focus. However, it is open to the idea of multiple companies joining hands when the funding requirements increase.
EMRI was forced to look out for a new partner after Raju severed his ties with the institute before admitting to the financial fraud at Satyam. In all, EMRI met about 40 people for funding its activities.
EMRI was started four years ago and Raju gave Rs 34 crore in the first year, which was sufficient to run the operations for two years. Later, he gave another Rs 42 crore and that supported EMRI activities for a year. He promised to give another Rs 60 crore but could not. EMRI currently operates in nine states.
State finance minister K Rosaiah said 108 and 104 services would continue as EMRI has found new funding partner(s).
