Azim Premji, Prudential Join To Earn Stake In Star Health

Azim Premji, Prudential Join To Earn
Stake In Star Health
US Insurer Prudential in partnership with the private investment arm of Wipro chairman Azim Premji, and ICICI Lombard have joined hands against WestBridge Capital Partners to control stakes in Star Health and Allied Insurance. Star Health is India’s largest independent health insurance company, which could be valued at around $1 billion.
Rahul Garg, partner, PremjiInvest, confirming the development said, “We have formed a consortium with Prudential and are involved in the process. However, it is too early to comment on a deal as a lot of other bidders are also there.” Prudential is said to have been scouting for an Indian partner to bid for the health insurer.
People familiar with the deal expect ICICI Lombard’s cash-cum-stock to be the highest offered, but the WestBridge consortium, and the Prudential and Premji combine, have made compelling all-cash offers. The investors of the Chennai-headquartered Star Health had mandated Kotak Mahindra Bank last year to advice on a sale process, which has entered the final round. WestBridge has roped in Kedaara Capital and Madison India Capital to form a consortium, pegging the valuation of Star Health at around Rs. 6,000 crore, or $920 million, sources said.

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