A consortium of investors led by Indian private equity fund True North has agreed to acquire Religare Enterprises Ltd’s health insurance business in the country, the groups said in a joint statement on Sunday.
The deal, which still needs regulatory approvals, values the Religare Health Insurance at 13 billion rupees ($202.3 million).
The move is part of Religare’s strategy to consolidate and focus on its core business of financial services.
The transaction, Religare and True North said in a release, “marks the single largest investment in a standalone health insurance company in India”.
J.P. Morgan acted as the exclusive financial advisor to Religare Enterprises on the transaction.