Cigna, TTK in pact to sell health services

Last Updated: Mon, Nov 21, 2011 13:50 hrs

U.S. health insurer Cigna Corp and Indian conglomerate TTK Group on Monday said they have formed a joint venture to offer health services to the 1.2 billion people in India.

Financial terms were not disclosed.

Cigna, the first U.S. insurer to apply for entry into India as part of a stand-alone joint venture health insurance company, said it had begun the process of seeking approval from India's insurance regulatory and development authority.

A full license to operate would not be expected until 2013.

TTK, based in Chennai and Bangalore, is family owned and operates multiple businesses, selling everything from cookware to pharmaceuticals.

(Reporting by Debra Sherman, editing by Maureen Bavdek)

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