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

CCI said it had approved the acquisition of 90.57 percent of equity share capital in Star Health and Allied Insurance Company Ltd.

A job seeker shakes hands with an employer at a job fair. (Photographer: Scott Eells/Bloomberg)
A job seeker shakes hands with an employer at a job fair. (Photographer: Scott Eells/Bloomberg)

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.

Opinion
WestBridge, Madison And Rakesh Jhunjhunwala To Acquire Star Health Insurance