 "CCI approves 100% acquisition of Star Health by Safecrop Holdings")
The Competition Commission said Monday it has approved the acquisition of Star Health and Allied Insurance Company by Safecrop Holdings, a consortium of WestBridge AIF, investor Rakesh Jhunjhunwala and Madison Capital.
The consortium in August had signed 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."
The Chennai-based, Star Health was founded in 2006 and provides health insurance, overseas mediclaim and personal accident policies. It employs 11,000 people providing insurance coverage to 10 million lives as on March, 2018.
The insurance company has a network of 434 branches, 240,000 agents and tie-up with 8,500 network hospitals.