Khaitan & Co advised Aditya Birla Nuvo in relation to formation of a joint venture with MMI Holdings – a South African insurance-based financial services group to enter the Indian health insurance and wellness market. ABNL will hold 51% stake and MMI will hold the balance 49% stake in Aditya Birla Health Insurance Co Ltd, the joint venture company.
The core transaction team comprised of Niren Patel, Partner and Aravind Venugopal, Senior Associate with assistance from Adyasha Das, Associate; Niharika Mepani, Associate; Sanjna Pramod, Associate and Umang Singh, Associate with assistance from Moin Ladha, Associate Partner on the Regulatory aspects and Adheesh Nargolkar, Partner; Shailendra Bhandare, Counsel and Alisha Ganjawala, Senior Associate on the Intellectual property aspects.
This deal is the first in the health insurance space after the recent insurance law reforms and the liberalisation of foreign investment in the insurance sector. Aditya Birla Health Insurance Co Ltd is the first health insurance company to approach the IRDA for an insurance license after the change in law.
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