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Report: India's Star Health and Allied Insurance kicks off sale process

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Report: India's Star Health and Allied Insurance kicks off sale process

India-based Star Health and Allied Insurance Co. Ltd. has put itself on the auction block, with a price tag of US$900 million to US$1 billion, Times of India reported Oct. 4, citing "people directly aware of the matter."

The company hired Kotak Mahindra Bank and MAPE Advisory to advise it on the sale process. In August, the insurer was reportedly considering fundraising options, including an IPO, to meet its growing capital base and working capital requirements.

The company is approaching potential strategic and buyout private equity funds for the sale, one of the sources told the publication, adding that this is the right time to start a sale process as public sector insurers are setting valuation benchmarks through IPOs.