Safecrop Holdings to acquire stake in Star Health Insurance for $1 bn

Founded in 1996, Star Health was the country's first standalone insurance company and claims to be the largest such domestic firm

Safecrop Holdings Pvt Ltd, a consortium of investors, including WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital, has signed a definitive agreement with the shareholders of Chennai-based Star Health & Allied Insurance Company Ltd to acquire their shares. While the company and investors did not disclose the value of the deal, market sources said that it was around $1 billion.     

V Jagannathan, chairman & managing director of Star Health & Allied Insurance Company, declined to comment on the valuation or any numbers but said that the new investors, with their experience and golden touch, would enable the company to