The Completion Commission announced on Monday that it has approved the acquisition of Star Health and Allied Insurance Company by Safecrop Holdings.
Safecrop Holdings, an association formed by WestBridge AIF, investor Rakesh Jhunjhunwala and Madison Capital, signed definitive agreements with the shareholders of Star Health to acquire the shares of the private health insurer in August.
Star Health confirmed the acquisition with a press release.
In a tweet, the Competition Commission of India said it has approved “100 percent acquisition of Star Health and Allied Insurance Company Limited by Safecrop Holdings Private Limited and others.”
Star Health and Allied Insurance Co Ltd are India’s first stand-alone health insurance company. The Chennai based health insurance company started its journey in 2006, the company primarily focuses on health insurance, travel insurance, and accident policies.
Star Health has more than 400 offices across India and around 8500 hospitals under its network.
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