Aditya Birla Health Insurance will receive a Rs. 665 crore investment from Abu Dhabi Investment Authority
Aditya Birla Health Insurance is a 51:49 joint venture between Momentum Metropolitan Strategic Investments and Aditya Birla Capital Limited.
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According to a statement released by the business on August 12, the boards of Aditya Birla Capital and Aditya Birla Health Insurance have accepted a proposed investment of Rs 665 crore for a 9.99% stake in the latter from a subsidiary of Abu Dhabi Investment Authority (ADIA).
Aditya Birla Health Insurance is a 51:49 joint venture between Momentum Metropolitan Strategic Investments, a fully owned subsidiary of Momentum Metropolitan Holdings, a South African company, and Aditya Birla Capital Limited.
Aditya Birla Health Insurance is worth roughly Rs. 6,650 crores according to the transaction. Following the transaction, ADIA will hold a 9.99% share in the company, ABCL will hold a 45.91% stake, and MMH will hold a 44.10% stake.
The company intends to use this funding to fuel its expansion in India's health insurance industry.
"In recent years, everyone's health has elevated to a top priority. ABHI is well positioned to address this issue and safeguard health through insurance thanks to its unique Health-First strategy. ADIA's investment highlights ABHI's robust and distinctive business strategy and the brand we have built, according to Vishakha Mulye, CEO of Aditya Birla Capital.
"We see considerable opportunity in India's health insurance business as penetration levels expand, driven by higher awareness and broader economic growth," said Hamad Shahwan Al Dhaheri, executive director of the Private Equities Department at ADIA. A competent executive team, a product lineup that puts wellbeing first, and a unique distribution strategy are all strengths of Aditya Birla Health Insurance. To support the next stage of ABHI's expansion, we are looking forward to working with Aditya Birla Capital and Momentum Metropolitan Holdings.
With the help of branches, partner offices, 14 bancassurance partners, and more than 68,000 direct selling agents, Aditya Birla Health Insurance is distributed in over 4800 cities nationally.
