Fair trade regulator Competition Commission of India said it has approved a deal involving acquisition of over 90 percent stake in Star Health and Allied Insurance Company by WestBridge AIF I, Rakesh Jhunjhunwala and others.
In a tweet, CCI said it had approved the acquisition of 90.57 percent of equity share capital in Star Health and Allied Insurance Company Ltd.
@CCI_India approves acquisition of 90.57% of equity share capital in Star Health and Allied Insurance Company Limited by WestBridge AIF I, Rakesh Jhunjhunwala and Ors
April 4, 2019A consortium led by WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital had last year signed definitive agreements with the shareholders of Star Health to purchase the firm.
The Chennai-based insurer was founded in 2006 and provides health insurance, overseas mediclaim and personal accident policies.
According to the company, it has a network of 434 branches, 2.4 lakh agents and tie-up with 8,500 network hospitals.
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