WestBridge Capital Begins Process to Exit Star Health Stake
WestBridge Capital has initiated a process to exit its approximately 40% stake in Star Health and Allied Insurance, according to a Moneycontrol report citing unnamed sources. The private equity firm has asked investment banks for proposals, with JPMorgan as the preferred adviser. The exit is likely driven by regulatory constraints: IRDAI licensing norms allow a promoter to hold only one insurance license, and WestBridge is also a promoter in Kiwi General Insurance, which recently received approval to start operations. The size, structure, and timing of the deal remain undecided, with options including a strategic buyer, financial investors, or secondary market sales. Star Health declined to comment on market speculation. WestBridge first invested in Star Health in 2018 and the company was listed in December 2021.
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