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Abu Dhabi Investment Authority After the deal closes, it will own 9.99 percent of the insurance company.- The health insurer plans to use the funding to fuel its growth.
- ADIA sees huge potential in India’s health insurance industry, fueled by greater awareness and broader economic growth.
Abu Dhabi Investment Authority (ADIA) invests Rs 665 crore today
After the investment, Aditya Birla Capital will hold a 45.91% stake in the company and Momentum Metropolitan Holdings will hold a 44.10% stake in the company. ADIA will be the third partner of the insurance company in a joint venture between Aditya Birla Capital and Momentum Metropolitan Strategic Investments; 2016.
The health insurer plans to use the funds to fuel growth.
Hamad Shahwan Al Dhaheri, executive director of ADIA, said he believes the huge potential of India’s health insurance industry is driven by greater awareness and broader economic growth.
“The partnership with ADIA strengthens our determination to further expand the company’s ‘health first’ proposition as we enable our customers to lead healthy lives. We remain committed to this,” said Mayank Bathwal, chief executive officer of Aditya Birla Health Insurance. A commitment and accordingly reimagine our business model and customer engagement by creating differentiated products, a digital health ecosystem and a large nationwide distribution presence.
Aditya Birla Health Insurance operates in over 4,800 cities nationwide through branch and partner offices, 14 bancassurance partners and over 68,000 direct selling agents.
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