Mumbai: Following the foot steps of the three big healthcare delivery chains, Apollo, Max and Religare that have a health insurance company as its major arm, it is reported that Manipal healthcare, the chain of 11 top super-speciality hospitals including 8 teaching hospitals in the country has showed interest to have its own health insurance company.
According to recent media reports, Dr Ranjan Pai, CEO and MD of the Manipal Education and Medical Group (MEMG) is in advanced stage of talks to buy 74 percent shares of TTK group in Cigna TTK Health Insurance as the Cigna holds 26% in the joint venture.
If the deal is settled, Manipal will be the majority stake holder in Cigna TTK Health Insurance. Manipal Health Enterprises runs a chain of hospitals with about 5,000 beds and is assumed to be among the top-five healthcare institutes in the sector. However, unlike its major comeptitors namely Max, Apollo and Religare, it has no health insurance arm to its credit
Although Cigna is a minority shareholder, the joint venture was hitherto run by the US insurer.
Cigna TTK is a health insurance firm established as a joint venture between the Cigna, the global insurance player and TTK Group, an Indian conglomerate. Cigna TTK Health Insurance Company Limited is a standalone health insurance company and was incorporated on 12 March 2012, under the Company’s Act of 1956. The company has a paid-up capital of Rs 250 crore.
When contacted, MEMG declined to comment, reports ET