Safecrop Holdings to buy Star Health
Safecrop Holdings, a consortium comprising WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital, is to acquire standalone private health insurer Star Health and Allied Insurance. Though the transaction value has not been disclosed, the deal is reported to be valued at close to $1 billion. Chennaiheadquartered Star Health, founded in 2006, is India's first and currently the largest standalone health venture. As
of March 2018, it had a market share of about 11 per cent in health insurance. The company has a network of 434 offices, about 2.4 lakh agents and tie-ups with around 8,500 hospitals.