9 July, 2019
On March 22, 2019, CCI approved the acquisition of 90.57% of equity share capital of Star Heath and Allied Insurance Company Limited (‘Star Health’) by a group of acquirers, namely, Westbridge AIF 1 (‘Westbridge’), Rakesh Jhunjhunwala (‘RJ’), MIO Star (‘Madison 1’), MIO IV Star (‘Madison 2’), Madison India Opportunities Trust Fund (‘Madison 3’), University of Notre Dame DU LAC (‘UNDDL’), Massachusetts Institute of Technology (‘MIT’), GP Emerging Strategies LP (‘GP’) and Snowdrop Capital Pte. Limited (‘Snowdrop’) (collectively the ‘Acquirers’). [1]
Star Health is a licensed general insurer and is engaged in the business of providing general insurance, health insurance, personal accident insurance, medi-claim and overseas travel insurance through its corporate agents, brokers and insurance agents.
CCI cleared the transaction unconditionally since it observed that: (i) the Acquirers did not have horizontal or vertical overlaps with Star Health’s businesses; and (ii) while some of the Acquirers (WestBridge, RJ, MIT, UNDDL and GP) had certain investments related to the business of Star Health, these investments were insignificant.
[1] Combination Registration No. C-2019/02/643
For further information, please contact:
Zia Mody, Partner, AZB & Partners
zia.mody@azbpartners.com
