Fair trade regulator CCI said it has approved the acquisition of up to 2.39 per cent stake in Star Health and Allied Insurance Company by ROC Star Investment Trust under the green channel route.
The green channel is an automatic system for speedy approval for certain categories of mergers and acquisitions.
The proposed transaction involves the acquisition of up to 2.39 per cent of the equity share capital of Star Health from Snowdrop Capital PTE Ltd.
After the completion of the proposed combination, ROC will have certain rights, including non-control conferring veto rights in Star Health, CCI said in a release.
The proposed combination has been approved under the green channel concept.
Star Health is a general insurer. It is involved in the business of health insurance and deals in personal accident, mediclaim and overseas travel insurance as well. The company operates its business of selling policies through licensed intermediaries such as corporate agents, brokers and insurance agents in India.
ROC Star Investment is an investment vehicle managed by ROC Capital, an Australian investment management company.