In line with the peers, HCL Tech chairman Shiv Nadar is set to launch an investment fund with a corpus of $500 million (about Rs 3,316 crore) aimed at acquiring IT companies in the US and India.

For this, the founder of India's fourth largest IT firm has reportedly partnered with tech industry expert Sanjay Kalra.

The investment firm named as Shiv Nadar & Sanjay Kalra Associates LLP (SNSK) will scout for firms involved in developing healthcare technology, a statement said, according to an NDTV report.

"SNSK will invest up to $500 million to buy out IT product and platform companies across providers, payers, pharma and life sciences that are either disrupting or being disrupted by the confluence of regulatory changes, evolving consumer attitudes, changing demographics and emerging technologies," it added.

The investment fund will also look to acquire start-ups in the US and Indian companies, "where product, platform or talent will accelerate portfolio objectives."

"The focus areas include hospitals, ambulatory, long term acute care, physician practice, information exchanges, ACOs, self-funded and commercial insurers as well as insurance exchanges," it added.

Nadar said that the US healthcare industry is transforming drastically as a result of the Affordable Care Act.

"Over the next five years, SNSK aspires to be an engine of accelerating digital solutions that would make patient care more accountable, efficient, predictable and effective," Nadar said.

A fast changing Indian IT landscape has compelled other top players to set aside some funds for acquisitions to remain competitive.

India's second largest IT firm Infosys had increased the size of its start-up fund by five times to $500 million in January this year. Besides, the company CEO Vishal Sikka has allocated $250 million for investments in Indian start-ups.