<div id="readability-page-1"><div id="contentdata"> Life Insurance Corporation of India (LIC) is doing due diligence on Ranjan Pai-led Manipal Cigna Health Insurance, Star Health &amp; Allied Insurance Company and Niva Bupa Health Insurance Company as it aims to acquire 30 percent to 45 percent stake in a health insurance company, CNBC-TV18 reported on March 28 citing sources. Manipal Cigna is likely to be the frontrunner in the race, though no decision has been made yet, the report further said.Star Health has already reacted and told CNBC-TV18 that it doesn't comment on market rumours and speculation. It further said that it continues to explore opportunities. Niva Bupa management said that it is not aware of any such development.LIC and the reported front runner Manipal Cigna were yet to respond to CNBC-TV18's report.On March 27, The Economic Times reported that LIC is fine-tuning an agreement with Ranjan Pai-led Manipal Cigna Health Insurance for a 40 percent to 49 percent stake in the health insurer. Manipal Cigna is a joint venture between the Bengaluru-based Manipal Education &amp; Medical Group, which holds a 51 percent stake, and US-based Cigna Corporation, which owns the remaining 49 percent stake.This comes as the life insurance behemoth aims to enter the health space. Earlier this month, LIC CEO Siddhartha Mohanty had confirmed that the company is in advanced stages of discussions to enter the health insurance market. While speaking to Moneycontrol on the sidelines at the Global Conference of Actuaries event, Mohanty had said that LIC is hopeful that a decision will be taken before March 31.&#34;The groundwork is ongoing, and we are in the process of identifying a suitable health insurance company. However, factors such as regulatory approvals and valuation will take time, so expanding LIC’s health insurance portfolio through an acquisition is not feasible in the current fiscal year,&#34; Siddhartha Mohanty earlier said during a post-results media call in February this year.On March 28, LIC shares were trading in the red with marginal losses at Rs 800 apiece. The stock has made some recovery after hitting a 52-week low of Rs 715 per share on March 3. It is, however, significantly lower than the 52-week high of Rs 1,222 per share.Star Health Insurance shares dropped nearly 2 percent to trade at Rs 352 apiece, while those of Niva Bupa Health Insurance Company were trading nearly 1 percent higher at Rs 77 apiece.</div></div>

Life Insurance Corporation of India (LIC) is conducting due diligence on Manipal Cigna, Star Health, and Niva Bupa for a potential stake acquisition of 30-45%. Manipal Cigna is seen as the frontrunner, while Star Health declined to comment on rumors, and Niva Bupa is unaware of developments. LIC aims to enter the health insurance market, with CEO Siddhartha Mohanty indicating advanced discussions. However, regulatory approvals may delay the acquisition. On March 28, LIC shares fell slightly, while Star Health shares dropped nearly 2% and Niva Bupa shares rose nearly 1%.

LIC doing due diligence on Manipal Cigna, Star Health, Niva Bupa for stake acquisition: CNBC-TV18