Mumbai, Aug 12: The Boards of Directors of Aditya Birla Capital Ltd (ABCL) and Aditya Birla Health Insurance Co Ltd (ABHI) approved a proposal for a primary capital infusion of 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 Ltd and Momentum Metropolitan Strategic Investments (Pty) Ltd, a wholly owned subsidiary of South Africa-based Momentum Metropolitan Holdings Ltd.
The transaction values ABHI at Rs 6,650 crores. 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 per cent stake, ABCL will hold a 45.91 per cent stake and MMH a 44.10 per cent 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.
(UNI)
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