LIC: LIC set to buy 40-49% stake in ManipalCigna; primary and secondary deal values company at Rs 3,500 crore

Life Insurance Corp of India (LIC) is preparing to acquire a 40-49% stake in ManipalCigna Health Insurance, entering the standalone health insurance market. The deal, involving fresh capital infusion and some secondary share sales, is expected to disrupt the market significantly given LIC's extensive distribution network and financial strength.