Tech Czar And Ace Investor In Race For Star Health

RARE Enterprises of Rakesh Jhunjhunwala, the Billionaire investor, has made a surprise proposal for Star Health & Allied Insurance. Now, Star Health & Allied Insurance is the first separate health insurance firm in the nation that is having a price label of $1 Billion. RARE of Jhunjhunwala will hit it out with Premji Invest from Azim Premji and almost 6 other financial sponsors.

Tech Czar And Ace Investor In Race For Star Health

It is heard that proposals have been established from financial sponsors such as WestBridge, Kedaara Capital, Prudential, and Temasek as well as strategic sponsors comprising HDFC General Insurance and ICICI Lombard, as the deal enters the concluding stage. All the sponsors in Star Health such as Sequoia Capital, ICICI Venture, Alpha TC Holdings, Tata Capital, Oman Insurance Company, Apis Partners, and ETA Star of Dubai seem to be in favor of a the deal. This information was given by trusted sources to the media in an interview.

The management led by former CMD of United India, V Jagannathan, has boosted the firm to be one of the money-making insurers in the health sector. Apart from this, with a swing of insurance firms entering into the communal float mode, stakeholders realize that the timing is ideal for a deal.

There are two results. First, add in a financial sponsor who will offer an exit for all other stakeholders in the firm and get the firm moving in conjunction with management team and Jagannathan at the wheel. The second is a deal to a tactical investor. “The second alternative is doubtful since the management realizes that the financial sponsor will assist keep hold of the brand of Star Health,” sources claimed to the media. Repeated efforts to reach Jagannathan of Star Health did not accomplish any result. It is heard that I-banker Kotak, who is operating the deal procedure, might execute it over the upcoming few months.

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