CHENNAI: Bengaluru-based Narayana Hrudayalaya Limited has received a license from insurance regulator IRDAI to set up its wholly owned subsidiary Narayana Health Insurance Limited. The nod from Insurance Regulatory and Development Authority of India (IRDAI) will allow the healthcare provider to diversify its business into health insurance business through the subsidiary and also offer integrated healthcare.
The license will be renewed on an annual basis in terms of IRDAI (Registration of Indian Insurance Companies) Regulations, 2000. Narayana Hrudayalaya’s stock price jumped to R1217.75 or 3.07%. Share prices opened at R1181.50 on Friday and hit R 1224 on intraday trade.
Headquartered in Bengaluru, Narayana Health is founded by Cardiac surgeon Dr Devi Prasad Shetty. It operates a network of 21 hospitals, heart centers, primary care facilities across the country, with a strong presence in the southern state of Karnataka and eastern India.
The group has over 5,859 operational beds through a combination of greenfield projects and acquisitions. It also has an international hospital in the Cayman Islands. Narayana Health offers over 30 specialties, including Cardiology and Cardiac Surgery, Cancer Care, Neurology and Neurosurgery.
It has an emerging presence in northern, western and central India. Narayana Health becomes the first healthcare group in India and the 6th healthcare player globally to receive an Enterprise Accreditation from JCI. JCI has awarded their accreditation to eight hospitals in the Narayana Health group individually.