WestBridge Begins Process to Exit Star Health Stake
WestBridge Capital has initiated a process to exit its investment in Star Health and Allied Insurance, according to a Moneycontrol report citing unnamed sources. The private equity firm has asked investment banks to present proposals for a mandate to oversee the sale of its stake, with JPMorgan identified as the preferred adviser. WestBridge holds around 40% of Star Health through Safecrop Investments India, a consortium set up with late investor Rakesh Jhunjhunwala and Madison Capital. The size, structure, and timing of any deal have yet to be decided and will depend on market conditions and investor interest. One possible reason for the planned exit is WestBridge's role in Kiwi General Insurance, a general insurance company it launched in November 2024 that recently received IRDAI approval. IRDAI licensing norms allow a promoter to hold only one insurance licence, which could require WestBridge to exit Star Health after Kiwi General Insurance began operations. Star Health declined to comment on market speculation.
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