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Indian private equity firm to acquire Religare Health Insurance

NEW DELHI (Reuters) - A consortium of investors led by Indian private equity fund True North has agreed to acquire Religare Enterprises Ltd's health insurance business in the country, the groups said in a joint statement on Sunday.

The deal, which still needs regulatory approvals, values the Religare Health Insurance at 13 billion rupees ($202.3 million).

The move is part of Religare's strategy to consolidate and focus on its core business of financial services.

The transaction, Religare and True North said in a release, "marks the single largest investment in a standalone health insurance company in India".

J.P. Morgan acted as the exclusive financial advisor to Religare Enterprises on the transaction.

($1 = 64.2660 Indian rupees)

(Reporting by Devidutta Tripathy and Aditya Kalra; Editing by Euan Rocha)