Manipal Health Enterprise Pvt. Ltd on Wednesday said its diagnostic imaging unit will receive an initial investment of Rs 100 crore ($14 million) from Morgan Stanley India Infrastructure.
HealthMaP Diagnostics Pvt. Ltd, which was set up as a joint venture between Manipal Health and Philips India Ltd, will use the capital to expand its presence to 75 centres in the next three years, said Manipal Health in a statement.
The diagnostics imaging unit was established in 2015 under a public-private partnership (PPP) wherein it partners with state-owned hospitals as it seeks to provide services to 50 crore Indians. It currently has the authority to operate 37 imaging centres in Haryana and Jharkhand, of which 30 are already operational.
HealthMap is also exploring the opportunity to partner with private hospitals to set up diagnostics facilities in view of the government healthcare scheme Ayushman Bharat, said Dilip Jose, managing director and chief executive of Manipal Health.
India's broader diagnostics space has witnessed significant activity in the past years.
Earlier this year, pathology chain Metropolis Healthcare Ltd became the third diagnostics company to list on the stock exchanges after Dr Lal PathLabs Ltd in late 2015 and Thyrocare Technologies Ltd in 2016.
Post the listing of Dr Lal and Thyrocare, regional diagnostics chains raised fresh funding rounds from new investors. While Vijaya Diagnostic Centre Pvt. Ltd received funding from homegrown private equity firm Kedaara Capital, Suraksha Diagnostic Pvt. Ltd raised funding from healthcare-focused private equity firm OrbiMed.
In 2017, VCCircle had reported that Morgan Stanley was raising its maiden India-focussed infrastructure fund, which was aiming to target sectors such as energy and utilities, transportation and logistics, and other sectors like telecommunication, broadband, urban public-private partnerships, education, and health sectors.
Earlier, it made investments directly from Morgan Stanley Infrastructure Partners, the global fund launched in 2007.