The deal values Religare Health Insurance at Rs 1,300 crore. (Representational image)
: A consortium of investors led by Indian private equity fund True North has agreed to acquire Religare Enterprises Ltd's health insurance business in the country, the groups said in a joint statement on Sunday. The deal, which still needs regulatory approvals, values Religare Health Insurance at Rs 1,300 crore ($202.3 million). The move is part of Religare's strategy to consolidate and focus on its core business of financial services.
The transaction "marks the single largest investment in a standalone health insurance company in India", Religare and True North said in a release.
J.P. Morgan acted as the exclusive financial advisor to Religare Enterprises on the transaction.
($1 = Rs 64.2660)
© Thomson Reuters 2017
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