Manipal Group Buys Out TTK stakes in CignaTTK Health Insurance

On Friday, the Manipal Group bought out TTK's stakes in CignaTTK Health Insurance. On the occasion Business Today's Mahesh Nayak spoke to Sandeep Patel, CEO & MD of CignaTTK Health Insurance on what it means on change in partner, rising stake in the JV and the future plan for the health insurance company. "The partnership with Manipal group means from a product partner we will be providing healthcare and complete well-being solutions to our customers," says Patel.

Enjoying the valuation of Rs 500 crore, following the rising stake in the company from 26% to 49%, Patel expect the revenues of the Indian entity to grow by at least 50% this financial year. Last year, the Indian entity which recorded a revenue of Rs 221 crore ($95-100 million), compared to $2.5 billion combined revenues of entities in South Korea and China - plans to break even its India operation by 2020.