Safecrop Holdings Pvt Ltd, a consortium comprising WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital, is to acquire standalone private health insurer Star Health and Allied Insurance.
The consortium has signed a definitive agreement with the shareholders of Star Health to purchase their shares in the company, said a statement. Though the transaction value was not disclosed, the deal was reported to be valued at close to $1 billion.
When BusinessLine reached out to V Jagannathan, Star Health’s CMD, he declined to reveal the transaction value and other financial details.