Mumbai, March 18 – Life Insurance Corporation of India (LIC) is in the final stages of negotiations to acquire a stake in a health insurance company, with an official announcement expected before March 31. LIC Chairman Siddhartha Mohanty expressed confidence that the deal would be completed within the next two weeks.
As per agency report, Mohanty did not disclose the name of the target company but confirmed that discussions were at an advanced stage. The country’s largest life insurer has been exploring opportunities in the health insurance sector for some time.
Speaking at the GCA25 event in Mumbai, Mohanty stated that entering the health insurance business is a natural progression for LIC. He clarified that the corporation would not acquire a controlling stake of 51 percent or more. The exact percentage of the stake to be acquired will depend on LIC's board decision and the valuation process.
According to media reports, LIC is considering acquiring a stake in Manipal Cigna Health Insurance in a deal worth approximately ₹4,000 crore. However, no official confirmation has been provided by LIC regarding the specifics of the acquisition.
