Cyril Amarchand Mangaldas advised and assisted Aditya Birla Health Insurance Company Limited (ABHI), and the promoter Aditya Birla Capital Limited on INR 665 crore fundraise from Abu Dhabi Investment Authority (ADIA), one of the major sovereign wealth funds in the world. ABHI is a joint venture between Aditya Birla Group and South Africa-based Momentum Metropolitan Holdings.
Cyril Amarchand Mangaldas advised and assisted ABHI and its promoter Aditya Birla Capital Limited on the due diligence, review, and finalization of the transaction documents. The transaction team was led by Indranath Bishnu, Partner; with support from Niyati Dholakiya, Senior Associate; Shaleen Tiwary, Senior Associate Designate; Soumyaditya Dasgupta, Associate and Shravan Belsare, Associate.
The vendor due diligence exercise was led by; Pranjita Barman, Partner; with support from Niyati Dholakiya, Senior Associate; Ila Vyas, Senior Associate; Soumyaditya Dasgupta, Associate; Ayushi Agarwal, Associate and Shravan Belsare, Associate.
Ankita Ray, Partner; with support from Mansi Mantoo, Principal Associate and Soumyashree Chowdhury, Associate advised on the employment aspects of the vendor due diligence.
As a part of the transaction, ADIA will infuse infused INR 665 crores in ABHI through a primary issuance for a 9.99% minority stake. The completion of the transaction is subject to statutory and regulatory approvals including approval from the Insurance Regulatory and Development Authority of India.
The transaction was signed on August 11, 2022.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.