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Abu Dhabi Investment Authority invests Rs 665 in Aditya Birla health insurance

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The boards of Aditya Birla Capital (ABCL) and Aditya Birla Health Insurance Co. (ABHI) have approved a major capital injection proposal of approximately Rs. ABHI $6.65 billion 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 Africa-based Momentum Metropolitan Holdings (collectively MMH). subsidiary company.

The transaction value ABHI is approximately Rs. 66.5 million.

Completion is subject to statutory and regulatory approvals, including from the Insurance Regulatory and Development Authority of India (IRDAI).

Upon completion of the transaction, ADIA will hold a 9.99% stake in ABHI, ABCL will hold a 45.91% stake in ABHI, and MMH will each hold a 44.10% stake in ABHI.

ABHI plans to use the funds to drive its growth in the Indian health insurance market. With its differentiated health-first model, ABHI is the fastest growing health insurer in India’s health insurance space.

powered by Capital Markets – Real Time News

(This story has not been edited by Business Standard staff and was automatically generated from a syndicated feed.)

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