The Competition Commission of India (CCI) has cleared the proposed acquisition of Star Health and Allied Insurance Company by Safecrop Holdings.
The competition watchdog in a tweet said it has cleared “100% acquisition of Star Health and Allied Insurance Company Limited by Safecrop Holdings Private Limited and others.”
Safecrop, a consortium formed by WestBridge AIF, investor Rakesh Jhunjhunwala and Madison Capital, signed definitive agreements with the shareholders of Star Health to acquire the shares of private health insurer in August.
The existing shareholders of Star Health comprise Star Health Investments and funds managed or advised by ICICI Venture, Tata Capital and Apis Partners.
At the time of signing the deal, WestBridge Capital managing director Sumir Chadha said: “We believe the retail health insurance industry will continue to grow at a healthy pace in the coming decade, driven by increasing penetration.
“This aligns well with WestBridge’s investing philosophy and long-time horizon. We are highly confident of Star’s business model and believe that Star will continue to lead the retail health insurance space.”
Headquartered in Chennai, Star Health mainly focuses on health insurance, travel insurance and accident policies. The company was founded in 2006.
The company, which has a workforce of 11,000 people, offers insurance coverage to 10 million insureds as on March 2018.
The insurance company offer its services through a network of 434 offices, 240,000 agents and tie-up with 8,500 network hospitals.