The first stand-alone health insurance, Star Health & Allied Insurance Company Ltd, will soon change ownership. All of its existing shareholders will be close to Safecrop Holdings Pvt Ltd, a consortium with WestBridge AIF, Rakesh Jhunjhunwala and Madison, the company said
"The existing management is likely to continue for some time." Whether the purchase price to be paid in advance or on a milestone basis is not known, "a company official told IANS.
Star Health on its website announced Friday that Safecrop Holdings, a consortium with WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital, has signed final agreements with the shareholders of Star Health to buy their shares.
The existing shareholders of Star Health includes Star Health Investments Pvt. Ltd. and funds managed / or advised by ICICI Venture, Tata Capital and Apis Partners.
The transaction is subject to regulatory and certain other approvals, according to the company.
However, it was silent about the purchase price.
19659002] Absent to share financial and non-financial details V. Jagannathan, Chairman-cum-Managing Director, Star Health told IANS: "I'm very happy with the deal."
The health insurer has approximately 11,000 employees. 19659002] He said: "We have started from a modest beginning and have reached this level with excellent teamwork.We feel new investors, with their abundant experience and golden touch, enable the company to reach further heights.  "We are very enthusiastic about Star Health, a dominant market leader in the retail health insurance sector. We believe that the retail health insurance industry will continue to grow at a healthy pace over the next decade as a result of increasing penetration, "said Sumir Chadha, co-founder and managing director of WestBridge Capital.
" This fits well with the investments of WestBridge philosophy and a long horizon. We are very sure of Star's business model and believe that Star continues to lead the retail health insurance space. "
vj / ksk
(This story is not edited by Business Standard staff and it is automatically generated from a syndicated feed.)