CCI Clears Star Health Acquisition By WestBridge, Rakesh Jhunjhunwala, Others
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.
A 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.