Temasek Holdings invests in Bangalore’s cancer care chain HealthCare Global Enterprises
11 Mar 2013
Temasek Holdings, the sovereign wealth fund of Singapore, yesterday acquired a stake in Bangalore-based cancer care specialist HealthCare Global Enterprises (HCG).
Although the two did not reveal the size of the stake, or how much was invested, several media reports suggested that Temasek has invested around Rs130 crore.
HCG said in a statement that Temasek will join existing investors, Premji Invest, the investment arm of Wipro chairman Azim Premji's foundation, and Milestone Religare.
Evolvence India Life Sciences Fund, had invested Rs30 crore in HCG in 2007, will sell its stake to Temasek and book profit of Rs100 crore.
"We are happy to bring on board an equity partner of the stature of Temasek as we begin the next phase of growth. Temasek's global perspective and long term interest in healthcare makes them a valuable partner," said B S Ajaikumar, founder, chairman and CEO of HCG, who holds a 28 per cent stake in the cancer care chain.
Founded in 1989, HCG has grown rapidly and now manages a network of 25 cancer centers in India, including one each in Laos and Uganda. It has plans to double its network to 50 centers.
