The Competition Commission of India (CCI) gave its approval to ROC Star Investment Trust (ROC) to invest in Star Health, one of the leaders and pioneers in health insurance.
Star Health is India’s standalone health insurance company which provides health, personal accident and overseas travel insurance. It has also launched insurance products like ‘Star Comprehensive Insurance Policy’ and ‘Star Family Delite’. Its headquarters are in Chennai, Tamil Nadu.
ROC Star Investment, on the other hand, is an investment vehicle handled by ROC Capital Pty Ltd. and is an Australian investment management company. It is headquartered in Sydney, Australia.
ROC Star will acquire an equity stake of Star Health from Snowdrop Capital PTE Ltd. The stake is valued at 2.39% of the total equity share capital of Star Health. The acquisition is being done under the ‘green channel’ route which provides immediate approval upon filing this acquisition with the CCI.
The CCI released a statement with this regard and also stated that when the acquisition is done, ROC will have “certain rights including non-control conferring veto rights in Star Health”.