Dozen firms in the running to acquire India’s Star Health

November 9 2017 by InsuranceAsia News Staff

At least 12 companies have expressed interest in joining the bidding fray to acquire the largest standalone health insurance provider in India, Star Health and Allied Insurance.

The 12 include private-equity giants Bain Capital and Warburg Pincus, along with three other insurers in the private sector.

The 12 firms have already submitted their bids to buy Star Health, which is being valued at Rs60 billion (US$922 million). Other participants in the bidding war, according to sources who declined to be named, are India’s largest health insurer ICICI Lombard; HDFC Ergo, a joint venture between mortgage company HDFC and European insurer Ergo; and Cigna TTK, a joint venture between American insurer Cigna and Chennai-based TTK.

The deadline for the submission of bids was 6 Nov.

Sources have said that the sale of Star Health has elicited strong interest from both international and local investors that want to capitalise on the potential of the Indian insurance market for further growth.