Chennai: Manipal Group will increase its shareholding in Cigna TTK Health Insurance Company for a majority stake in the joint venture and provide an exit to TTK group, a joint statement said on Tuesday.
Manipal currently holds 19.52 per cent stake in the joint venture between the company, TTK Group and US-based Cigna Corporation. Manipal will buy 31.48 per cent stake of TTK Group to have 51 per cent shareholding. Cigna Corporation will continue to hold its 49 per cent stake.
As per reports, Manipal would invest Rs 500 crore to hike its stake and for business expansion of the joint venture. Mani-pal had initially picked up stake in the company in September 2018.
The name of the company also will be changed to Manipal-Cigna Health Insurance Company Limited after receiving all necessary regulatory approvals.
Along with the name change, the company has adopted a new corporate identity, including a new logo and web site.
“We believe the combination of Manipal Group’s integrated healthcare expertise with multi-specialty hospital networks and Cigna‘s global expertise...positions ManipalCigna Health Insurance Com-pany as a truly differentiated healthcare provider,” Dr Ranjan Pai, Chairman, Manipal Edu and Medical Group.