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Singh Bros Agree Religare Sale As Daiichi Settlement Case Roils

 
• By Penelope MacRae

Religare Enterprises, led by Indian tycoons Malvinder and Shivinder Singh who are locked in a bitter arbitration battle with Daiichi Sankyo, has sold off its health insurance unit as it seeks to pare debt and focus on core financial services, in a move the brothers’ lawyers say is designed to raise capital.

Indian diversified financial services company Religare Enterprises Ltd (REL), which is 50.93%-owned by brothers Malvinder and Shivinder Singh, has clinched a deal to sell its 80% stake in Religare Health Insurance Co. Ltd. to a group of investors led by Indian private equity firm True North.

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