BUSINESS

Max India to sell stake in Max HealthScribe

NEW DELHI SEPT. 26 . Max India will sell its 64.99 per cent equity stake in Max HealthScribe, a medical transcription company, to HealthScribe Inc., its U.S.-based joint venture partner for about Rs. 46 crores, the company said today.

This would increase the shareholding of the U.S. firm to about 85 per cent, it said in a release.

Both the companies have signed an agreement that would involve purchase of 10.82 million equity shares of Rs. 10 each by HealthScribe Inc.

The whole transaction was expected to be completed by November, after receipt of necessary government approvals.

The Bangalore-based Max HealthScribe was originally founded by HealthScribe Inc. in 1994 and provides medical transcription services to hospitals, clinics and physician practice groups.

The joint venture with Max India was formed in 2000 when it bought a controlling stake in the leading business process outsourcing company serving the health market.

The Max India Group Finance Director, B. Anantharaman, said the strategic divestment from Max HealthScribe was in accordance with its business policy to focus on the core businesses of life insurance, healthcare and speciality products.

"With this move, we are a step closer to achieving consolidation as a customer-oriented service-led company,'' he said. — PTI

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