India-based Manipal Education & Medical Group (MEMG) has acquired a majority stake in its health insurance joint venture (JV) with American insurer Cigna.

As part of the deal, the third partner TTK Group will exit the JV.

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TTK Group owned a 74% stake in the health insurance JV, when it was formed in 2014 in collaboration with Cigna. Later in August 2017, Cigna increased its stake from 26% to 49% in the JV through a preferential allotment.

With the latest acquisition, MEMG’s holding in Cigna TTK Health Insurance will increase to 51%, while Cigna will continue to own the remaining 49% stake in the JV.

The latest deal follows MEMG’s acquisition of a 16% stake in the venture last year.

Post-acquisition, the name of health insurance JV has been changed to ManipalCigna Health Insurance from Cigna TTK.

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MEMG chairman Ranjan Pai said: “We believe the combination of Manipal Group’s integrated healthcare expertise with multi-specialty hospital networks and Cigna‘s global expertise in health and wellness, positions ManipalCigna Health Insurance Company as a truly differentiated healthcare provider for people across India.

“The two organisations are a good cultural fit and drawing on the strengths of both companies together we can provide easy and lifetime access to quality healthcare to millions of people in India and create a strong path for our future growth.”

The transaction has secured green signal from the Insurance Regulatory and Development Authority of India (IRDAI).

ManipalCigna Health Insurance currently manages a distribution network of 20,000 advisors, 28 branch offices, 250 major brokers and 7,000 points of sales.