Manipal Group, with presence in health care and higher education is entering health insurance sector by buying out TTK’s stake in Cigna TTK Health Insurance.
Post the transaction, Manipal will own 51% stake. The company has a share capital of Rs 250 crore. With this round, share capital will expand to Rs 350 crore.
“Cigna TTK has filed an application with India’s insurance regulator, the IRDAI, for a change in partnership from the TTK Group to the Manipal Group,” said Cigna TTK in a statement.
Cigna is in the process to raise its stake from 26% to 49%. The joint venture between global health services firm Cigna and TTK, launched operations in February 2014. It had a market share of 0.17% at the end of March 31, 2017.
“The partnership will help us to provide our customers with a more comprehensive suite of healthcare solutions and enable us to further integrate within the healthcare delivery ecosystem,” the statement said.
Cigna TTK is a standalone health insurance company. It has over 3,00,000 customers in India with a network of 15 branches and is present in 6,000 locations through its point of sales network.