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"The foreign partner has already raised its stake to 49 per cent last year...at the moment there is no intention of going public," Jacob said, adding that a decision in this regard, if any, will be taken by the promoters.
Recently, HDFC Standard Life Insurance Company, New India Assurance, and GIC Re hit the market through IPOs.
Following the deal, Munich Re's holding in Apollo Munich rose to 48.75 per cent, with 51.1 per cent held by Apollo Hospitals, and the rest by employees.
Asked about business expansion plans, Jacob said, the company aims at 30 per cent growth in gross premium for the current financial year.
"We will end the financial year with the gross premium of Rs 1,700 crore as compared to Rs 1,300 crore earned in the previous financial year," he said.
The standalone health insurer recently introduced a new category 'Winsure' with health insurance plan called 'Health Wallet'.