HealthCare Global Enterprises Ltd. (HCG), a leader in oncology care in India, today announced that PremjiInvest, a fund sponsored by Azim Premji, had invested $20 million in the company. On the occasion, the company also announced that Prakash Parthasarathy and Bobby Mustafa of PremjiInvest have been inducted into the Board of HCG.
The fresh funding would help HCG to enlarge its vision of backward integration in cancer management on a pan-India basis and realise its dream of making cancer treatment accessible to all segments of the society. The additional financial muscle would also enable the corporate hospital to adopt global innovations in the diagnosis, treatment and management of cancer, besides aggressively pursuing its "Hub and Spoke" model of cancer care centres nationally.
Addressing a press conference here today, Dr. Ajai Kumar, Chairman & CEO, HCG, said, "The investment from PremjiInvest would enable us ramp up fast across various geographies besides enhancing our core research initiatives and bring cutting-edge technologies & treatment modalities. We value their operational expertise in creating world class businesses, best practices & technology and look forward to forge a strong relationship with them."
Prakash Parthasarathy, Chief Investment Officer, PremjiInvest, said, "Health care in India is going through rapid transition and need for top quality specialised medical care is increasing. HCG already has strong credentials in oncology care, a highly accomplished medical team and a committed management under Dr. Ajai's leadership. We are honoured to be part of this passionate organization addressing a critical gap in the county's infrastructure."
About PremjiInvest:
PremjiInvest, sponsored by Azim Premji, undertakes long term investments in public and private companies. The firm's investment philosophy seeks to support management teams and companies through their investment cycle in creating scalable businesses, best of class operations and backed by strong governance standards.
About HCG:
HealthCare Global Enterprises Ltd. (HCG), a leader in oncology care in India, currently manages a network of 10 cancer centres across India. HCG focuses on Cancer Treatment Centres, Imaging & Laboratory Services and Clinical Trials & Research Services. The vision of HCG is to provide high quality, integrated, comprehensive cancer treatment to all segments of society. HCG's business model has been validated by PE & VC funds and a couple of these entities have also invested in the company.
Bangalore Institute of Oncology (BIO), the flagship of HCG, set up almost 2 decades back was the first dedicated comprehensive cancer centre to be established in the private sector in India. Under the guidance of Dr.B.S.Ajai Kumar, BIO acquired Curie Centre of Oncology in 2000 and re-christened it as HealthCare Global Enterprises Ltd. Besides expanding to other geographies nationally, HCG acquired Triesta Sciences in December 2005. Under this banner HCG runs a high end Onco-Reference Laboratory, Biomarker research & validation R&D laboratory and Contracted Research Organization - CRO. For details log on to www.hcgoncology.com
