Manipal Group eyes $100 m for insurance biz

A day after officially confirming that Singapore government-owned investment fund Temasek had picked an additional 41 percent in Manipal Healthcare to become the single largest shareholder with a 59 percent stake, Manipal Education & Medical Group (MEMG) Chairman Dr Ranjan Pai said they are looking to raise $100 million through private equity for its Manipal – Cigna insurance business. 

The Manipal Group also runs two other businesses in addition to its hospital chain- education and health insurance. While the company is looking for a PE investor as a partner for its health insurance arm, it is not aiming to bring on any financial partners for the education venture, he added. “Education is run by not-for profit entities. However it would be good to have PE investor in the insurance business.”