Chennai, March 13 (IANS) India's first stand-alone health insurer, Star Health and Allied Insurance Company Ltd, hopes to raise Rs.400 crore from new and existing investors, a top company official said Friday.
"We are looking at raising around Rs.400 crore capital from new investors. The new investor will infuse the funds into the company and not buy out the holding of existing shareholders," V. Jagannathan, chairman and managing director of Star Health and Allied Insurance Company Ltd, told IANS here on Friday.
He said Ernst and Young are doing the due diligence at the company's request.
The company is promoted by Oman Insurance Company, UAE, ICICI Ventures, Sequoia Capital, Tata Capital and some leading Non-Resident Indians (NRI) and Indian business houses.
According to Jagannathan, the company is hoping to close this year with a total premium of around Rs.1,450 crore up from around Rs.1,050 earned last year.
"The target for next year will be around Rs.1,900 crore. More than 90 percent of our business is from retail side," Jagannathan said.
Welcoming the passage of the insurance bill in the parliament on Thursday, he said the move would pave the way for newer products, increased penetration of health insurance cover.
Queried about the same statements which were heard during the run up to the opening up of the insurance sector to private players in 1990s, Jagannathan said: "Many new products have come into the market after opening up. We have a policy for persons suffering from AIDS. We also cover senior citizens which were not there prior to the private player's entry."
On the increased penetration of insurance following the hike in foreign direct investment (FDI) to 49 percent from 26 percent, Jagannathan said there will be more stand alone health insurance companies now.
"All these days we have been fishing in the same pond. Now with the entry of new players, companies will have to scout for new pond. Insurers will move out to rural and other areas which in turn would increase the insurance penetration," Jagannathan said.
Registration is not necessary on CoWin, you will be able to get the corona vaccine directly by going to the center; government changed rules
The second wave of corona in the country is continuously weakening but the danger remains. The vaccine is considered to be the most effective weapon in the war against Corona. In this regard, corona
Ukraine Crisis: Ukrainian Army doctors struggling to save lives on the front line
The Russia-Ukraine war has been going on for a long time. Day by day the form of this war is becoming more fierce. In this fight, Russia is making rapid attacks on Ukraine. It's been 10 months since
What is Bali's connection with NEET Paper Leak? CBI is busy investigating the horoscope of Oasis Principal, coaching teacher is also on the radar
Oasis School in Hazaribagh district of Jharkhand remains the center of CBI's investigation in the NEET question paper leak case. Now a teacher at a coaching institute here is also under investigation.
Moderna claims - the effect of the corona vaccine decreases with time, a booster dose is needed
The war against the corona epidemic continues across the world. A vaccine is considered to be the biggest weapon against Corona. Meanwhile, a new study has come out regarding Moderna's corona vaccine.
Cyclone Biparjoy: PM Modi will take stock of preparations to deal with the Biparjoy cyclone, review meeting at 1 pm
Prime Minister Narendra Modi will hold a review meeting on Monday at 1 pm regarding Cyclone Biparjoy. In this, preparedness to deal with the cyclone will be discussed. It has been told that the
PM Modi's blue tick on Twitter greyed out: Government Twitter accounts get gray verified tick; Rahul still has a blue tick
Changes have started appearing on Twitter under the new verification system. Blue ticks have been removed from the accounts of Prime Minister Narendra Modi and Home Minister Amit Shah. Gray ticks have
No restrictions on march against land bill: Government
New Delhi, March 17 (IANS) The government on Tuesday clarified that there were no restrictions on the march against the land acquisition bill that opposition parliamentarians have planned to
7 people, including a child, died of gas leaking at a chemical plant in Visakhapatnam, more than a thousand sick; 4 km gas spread
Visakhapatnam. Gas leaked from a chemical plant in Visakhapatnam, Andhra Pradesh, early Thursday. The accident occurred between 2:30 am and 3:30 am. So far, 7 people have died, including a child. The
Will the US show a big heart like India? Poonawalla's message to Biden to remove the obstruction from vaccine production
The rapid rate of cases of corona infection in India has raised concerns. The vaccine is considered big support in this crisis, but its production seems to be slowing down. Meanwhile, Serum Institute
Sugar mills can be future power houses: Industry official
Kolkata, March 23 (IANS) The country's 550 odd sugar mills can produce at least 2,500 MW of electricity if they install high-power boilers which will involve an investment of Rs.150 crore for each
