Apollo acquires Zavata

Apollo Health Street, a global healthcare outsourcing arm of the Apollo group, on Thursday announced the acquisition of Atlanta-based BPO and enterprise support solutions company, Zavata Inc, for Rs 697 crore.

"The fourth acquisition for Apollo Health Street and the second in the US provider space, it strengthens AHS's position as a leading provider of outsourcing solutions to the healthcare industry," Apollo Chairman Prathap C Reddy said.

While the Bank of India and Barclays Capital had structured a debt to the tune of Rs.550 crore, the rest would be from internal generation for the acquisition, he said.

It also makes the combined organisation the largest focused healthcare BPO organisation in the country with a significant IT business, he said.The combined oganisation will have more than 100 customers and over 2,500 employees spread across multiple locations in the US and in India.The company was coming up with a back office at Chennai, which would employ 400 persons initially, which would go upto 2,000, he said.

Read more in The DNA Money article.

Barclays in tie-up with Metlife

Barclays, the global giant in financial services, and Metlife India Insurance Company on Wednesday announced their bancassurance tie-up in the country that will enable the insurance company to sell its products through the banking channel of the Barclays.

Speaking about the partnership, Metlife Managing Director Rajesh Relan said," Considering a combined experience of both groups in financial services, we are confident on making a difference in the hugely promising market."

He said through other partnerships with Jammu and Kashmir Bank, UTI Bank, Karnataka Bank and Dhanalakshmi Bank, Metlife's products are currently available at over 500 bank branches in the country.

Barclays, which has been in India for nearly 30 years, more recently through Barclays Capital, has retail and commercial banking set up in Mumbai, Kanchipuram and Neelamangala near Bangalore.