ET had reported the possibility of the deal in its July 18 edition.
“Upon completion of the transaction, ADIA will hold 9.99% stake, ABCL will hold 45.91% stake in ABHI and MMH will have 44.10% stake respectively.
51:49 joint venture between ABHI Limited and Momentum Metropolitan Strategic Investments (Pty) Limited, a wholly owned subsidiary of the South African-based company. Momentum Metropolitan Holdings Limited (mmh). Completion of the deal is subject to statutory and regulatory approvals, including approval from the Insurance Regulatory and Development Authority India (IRDAI).
“ABHI plans to use this capital to accelerate its growth in the health insurance market in India,” the company said.
“ADIA’s investment underscores ABHI’s strong and unique business model and the franchises we have built,” said Visakha Mulay, CEO, ABCL.
Hamad Shahwan Al Dhaheri, executive director of the private equity division at ADIA, said the fund sees significant potential in India’s health insurance sector as penetration levels increase, driven by higher awareness and macroeconomic growth. He added, “Aditya Birla Health Insurance has a strong management team, a wellness-first product offering and a differentiated distribution model. We are partnering with Aditya Birla Capital and Momentum Metropolitan Holdings to support ABHI’s next phase of growth. look forward to doing.”