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Sequoia Near $54M Stake In India Insurer

19 May, 2010

US venture capital giant Sequoia Capital is in talks with unlisted Indian health insurer Star Health and Allied Insurance Co. to pay about $54 million for a 20 percent stake, two sources with direct knowledge of the deal told Reuters.

“The deal is likely to be signed in a couple of weeks,” said one of the sources.

Sequoia will invest 2.5 billion rupees ($54.36 milllion) in the company, said sources who did not wish to be named as they were not authorised to speak to the media.

Star Health and Allied Insurance is a joint venture between Oman insurer ETA Ascon Group and a group of insurance industry veterans from India.

The company recently raised 1.2 billion rupees from ICICI Venture, the private equity arm of No. 2 Indian lender ICICI Bank.

Star Health is India’s first stand-alone health insurer and started its operations in 2006.

E-mails seeking comments from Sequoia and Star Health were not answered.

Domestic investment banking firm Mape Advisory Group is representing the insurer, sources said.


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Sequoia Near $54M Stake In India Insurer

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