Morgan Stanley India To Invest $20m In Manipal Healths Imaging Unit

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Morgan Stanley India Infrastructure onWednesday said it is making an investment of Rs 145 crore ($20 million) in HealthMaP Diagnostics Pvt. Ltd (HDPL), the diagnostics imaging unit of Manipal Health Enterprise Pvt. Ltd.

Morgan Stanley said that it would initially inject Rs 100 crore in HealthMaP, IANS reported.

Set up as a joint venture between Manipal Health and Philips India Ltd in 2015, HDPL will use the capital to expand its presence to 75 centres in the next three years. It currently operates 37 centres across Haryana and Jharkhand.

The primary focus of HDPL is to identify, validate, participate, win and implement a selected few of the large public private partnership (PPP) opportunities in the healthcare domain in the country, according to the company’s website.

“With universal healthcare scheme Ayushman Bharat, HealthMap plans to partner with private hospitals to set up facilities for diagnostics and treatment of cardiac ailments or cancer and increase access for patients in the under-served states,” Manipal Health Enterprises Managing Director Dilip Jose said.

Manipal Health Enterprises counts Singapore state investment firm Temasek and private equity player TPG among its investors. It provides healthcare services through 11 multi-specialty hospitals in Karnataka, Andhra Pradesh, Tamil Nadu, Delhi, Rajasthan and Goa.

“We are partnering with the Manipal group at an inflection point in the affordable healthcare revolution in the sub-continent, which has the world’s largest universal healthcare coverage programme,” Morgan Stanley Managing Director Raja Parthasarathy said.

In a similar deal in the diagnostics space, SigTuple secured a $16-million Series C round led by Trusted Insight last month. Existing investors Accel Partners, Chiratae Ventures, Pi Ventures and Flipkart co-founder Binny Bansal also participated in the round.

Fortis Healthcare Ltd is also reportedly facilitating the sale of stakes owned by private equity investors in its SRL Diagnostics unit.

In March, private equity firm Everstone announced that it has acquired a stake in Chennai-based CPC Diagnostics. The investment was routed through its healthcare platform Everlife.