PIB News Update: The Competition Commission of India (CCI) received the following green channel combination filed under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulations 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations):
Acquisition by ROC Star Investment Trust (Acquirer/ROC) of equity share capital of Star Health and Allied Insurance Company Limited (Star Health/Target) from Snowdrop Capital PTE Limited (Proposed Combination)
The notification relates to the acquisition of 2.39% of equity shares of Star Health by ROC Star Investment Trust (acting through its custodian Perpetual Corporate Trust Limited). Post the consummation of the Proposed Combination, ROC will have certain rights including non-control conferring veto rights in Star Health.
Acquirer is an investment vehicle managed by ROC Capital Pty Limited (“ROC Capital”), an Australian investment management company.
Target is licensed as a general insurer by the Insurance Regulatory Development Authority of India (IRDA) to carry on the business of general insurance. It is currently engaged in the business of health insurance and deals in personal accident, medi-claim as well as in overseas travel insurance.
Summary of the Proposed Combination is available at: https://www.cci.gov.in/sites/default/files/notice_order_summary_doc/C-2020-1-716.pdf
[Filling under sub-section (2) of Section 6 of the Act read with regulations 5A of the Combination Regulations (i.e. notice for approval of the Proposed Combination under Green Channel) shall be deemed to have been approved upon filing and acknowledgement thereof.]