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The deal team was co-led by Niren Patel (partner) and Saswat Subasit (partner) and Agranee Kapoor (senior partner) and Ekta Janghu (partner), with input on legal due diligence and competition aspects of Ayesha Bhattacharya and Zico Bahl Further assistance with legal aspects of Pranjal Prateek, Ebaad Khan and Siddharth Bagul.
Khaitan and Co advised Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds owned by the government of Abu Dhabi, in its proposed acquisition of Aditya Birla Health 9.99% for an investment of approximately INR 6.65 crore Equity provided legal services in Insurance Co. Limited (ABHI), one of the leading and fastest growing health insurance companies in India. This is ADIA’s first investment in the Indian insurance industry, which is designed to help drive ABHI’s growth in the Indian health insurance market.
Established in 1976, the Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund owned by the government of Abu Dhabi, United Arab Emirates, and one of the largest sovereign wealth funds in the world. ADIA’s investments span two asset classes and subclasses, including equities and fixed income, hedge funds, real estate, private equity and infrastructure in major global markets including North America, Europe and Asia.
Hamad Shahwan Al Dhaheri, Executive Director, Private Equity at ADIA, said: “We see huge potential in the Indian health insurance industry due to increased levels of penetration driven by greater awareness and broader economic growth. Aditya Birla Health Insurance has Strong management team with health-first products and a differentiated distribution model. We look forward to working with Aditya Birla Capital and Momentum Metropolitan Holdings to support ABHI’s next phase of growth
Aditya Birla Health Insurance Co. Limited (ABHI), a subsidiary of Aditya Birla Capital Limited (ABCL), is an IRDAI registered independent health insurance company. ABHI is a joint venture between Aditya Birla Group and MMI Holdings (South Africa). It was incorporated in 2015 and started operations in October 2016.
The deal team was co-led by Niren Patel (partner) and Saswat Subasit (partner) and Agranee Kapoor (senior partner) and Ekta Janghu (partner), with input on legal due diligence and competition aspects of Ayesha Bhattacharya and Zico Bahl Further assistance with legal aspects of Pranjal Prateek, Ebaad Khan and Siddharth Bagul.
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