MUMBAI: Apis Partners and ICICI Venture acquired a 15% stake in Star Health & Allied Insurance for Rs 315 crore, valuing the company at Rs 2,100 crore. The Chennai-based standalone health insurer had hired MAPE Advisory Group to find a buyer for a small stake.Star Health is a joint venture among ICICI Venture, Sequoia Capital Tata Capital Growth Fund , Alpha TC Holdings and Oman Insurance Company. Health insurance business accounts for about a quarter of the total non-life insurance business in the country.Coverage of the insurance industry has grown at a steady pace since non-state companies were allowed in 2000. "Star Health is India's first and leading stand-alone health insurance company in a country where less than 3% of the population has purchased individual and family health cover" said Apis Partners Managing Partner Matteo Stefanel. Star Health made a profit of Rs 139 crore in the last financial year.

Source: Economic Times September 01, 2016 19:30 UTC