Manipal Group will raise its stake in Cigna TTK Health Insurance Co. Ltd. to 51% by acquiring TTK Group's stake in the health insurance joint venture.
The Hindu reported that Manipal Group will pay 5 billion rupees for TTK Group's 31.5% stake in Cigna TTK Health Insurance. TTK Group will exit the joint venture after receiving the necessary regulatory approvals from the Insurance Regulatory and Development Authority of India. Following the transaction, Cigna Corp. will continue to own a 49% stake in the joint venture.
In September 2018, The Times of India reported that Manipal Group was buying a 16.04% stake in the joint venture.
Cigna TTK Health Insurance also announced that it has changed its name to ManipalCigna Health Insurance Co. Ltd. after securing all needed regulatory approvals.
As of June 4, US$1 was equivalent to 69.36 Indian rupees.