Acquisition of Star Health insurance's 90 pct stake by WestBridge cleared by CCI

Fair trade regulator CCI Thursday said it has approved a deal involving acquisition of over 90 per cent stake in Star Health and Allied Insurance Company by WestBridge AIF I, Rakesh Jhunjhunwala and others. In a tweet, CCI said it "approves acquisition of 90.57 per cent of equity share capital in Star Health and Allied Insurance Company Limited by WestBridge AIF I, Rakesh Jhunjhunwala and Ors".

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.