Manipal Group is acquiring a 16.04% stake in Cigna TTK Health Insurance Co. Ltd. from TTK Group for an undisclosed amount, The Times of India reported.
In September 2017, Cigna TTK sought to change its partner, proposing for Manipal Group to acquire 51% of its stake from TTK Group. However, India's insurance regulator asked the companies to revise the shareholding structure.
Under the new structure, Cigna Corp. will continue to own a 49% stake in Cigna TTK. Manipal Group and TTK Group will jointly hold the remaining 51% stake in the health insurance venture, according to the report.
The Insurance Regulatory and Development Authority of India has approved Cigna TTK's partnership with hospital operator Manipal Group.