Abu Dhabi Investment Authority to invest Rs 665 cr in Aditya Birla Health Insurance

12 Aug 2022 , 09:18 AM

The Boards of Directors of Aditya Birla Capital (ABCL) and Aditya Birla Health Insurance Co. (ABHI) approved a proposal for a primary capital infusion of approximately Rs. 665 crore in ABHI, from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Aditya Birla Health Insurance is a 51:49 joint venture between Aditya Birla Capital Limited and Momentum Metropolitan Strategic Investments (Pty) Ltd, a wholly owned subsidiary of South African based Momentum Metropolitan Holdings (together MMH). The transaction values ABHI at approximately Rs. 6,650 crore. Completion is subject to receipt of statutory and regulatory approvals, including the approval of the Insurance Regulatory and Development Authority of India (IRDAI). Upon the completion of the transaction, ADIA will own a 9.99% stake, ABCL will hold a 45.91% stake and MMH a 44.10% stake, respectively, in ABHI. ABHI plans to use this capital to drive its growth in the health insurance market in India. With its differentiated Health-First model, ABHI is the fastest growing health insurance company in the health insurance space, in India. Powered by Capital Market – Live News