Aditya Birla Health Insurance (ABHICLIt is one of the five active standalone health insurance companies with 14% market share of the gross underwriting premium in the first three months of the current fiscal, according to data from the Insurance Regulatory and Development Authority of India (IRDA).
Discussions for minority stake are expected to intensify in the coming weeks as ADIA, one of the leading sovereign funds (SWFs) in the world, seeks to double India’s financial services space, the people cited above said. He said the final amount and quantum of stake are yet to be finalised. Last month, ADIA had bought a 20% minority stake in the home finance arm of IIFL for Rs 2,200 crore. An ADIA spokesperson declined to comment.
Mails sent to the listed holding company for financial services businesses of the Aditya Birla Group and the spokespersons of the Aditya Birla Group on Saturday did not elicit any response till press time on Sunday.
ABHICL is a 51:49% joint venture between Aditya Birla Capital and MMI Holdings Based in South Africa. The company was incorporated in 2015 as a standalone health insurance company. It started operations in October 2016.
strong bond
The investment, once concluded, will underline the growing relationship between the Abu Dhabi Sovereign Fund and Kumar Mangalam Birla.
ET was the first to report in its October 22, 2021 edition that Birla was partnering with ADIA’s managing director, Hameed bin Zayed Al Nahyan, to form Zand, the UAE’s first digital-only independent bank. be able to invest.
Initially, the plan is to deploy $50-100 million as a private investment of the Birla family, but this volume may increase in the future as the business grows.