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CCI clears Star Health acquisition by WestBridge, Rakesh Jhunjhunwala, others

CCI clears Star Health acquisition by WestBridge, Rakesh Jhunjhunwala, others

New Delhi, Apr 4 (PTI) 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. PTI SRS RVK BALBAL