The competition Commission of India (CCI) has approved the acquisition of Star Health and Allied Insurance Company by Safecrop holdings.
Safecrop Holdings is a consortium of WestBridge AIF, investor Rakesh Jhunjhunwala and Madison Capital.
The consortium in August had signed all the required definitive agreements with the shareholders of Star Health to purchase the shares of leading private insurer.
In a tweet, the Competition Commission of India (CCI) said it has approved “100 per cent acquisition of Star Health and Allied Insurance Company Limited by Safecrop Holdings Private Limited and others.”
Founded in 2006, the Chennai-based Star Health has been providing health insurance, overseas mediclaim and personal accident policies. It also employs about 11,000 people providing insurance coverage to 1 crore lives as on March, 2018.
It is to be noted that the insurance company has a wide network of 434 branches, 2.4 lakh agents and tie-up with 8,500 network hospitals.