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The Competition Commission of India (CCI) has approved the acquisition of Star Health Insurance by SafeCorp Holdings Pvt Ltd.
In a tweet today, the regulator said: “@CCI_India approves 100 per cent acquisition of Star Health and Allied Insurance Company Limited by SafeCorp Holdings Private Limited and Ors.”
SafeCorp Holdings is a consortium comprising WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital.
According to an earlier BusinessLine report, the consortium has signed a definitive agreement with the shareholders of Star Health to purchase their shares in the company. Existing shareholders of Star Health include Star Health Investments and funds managed or advised by ICICI Venture, Tata Capital and Apis Partners.
The Chennai-based Star Health was the first standalone insurance company formed in 2006 to deal with personal accident, mediclaim and overseas travel insurance. As of March 31, 2018, it had a market share of about 11 per cent in health insurance.
The company has a network of 434 offices, about 2.4 lakh agents and tie-ups with around 8,500 hospitals. It employs about 11,000 people and has provided insurance coverage to about 1 crore people, according to news reports.
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