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ADIA to invest Rs 665 cr in Aditya Birla Health Insurance for 9.99% stake

The transaction values the company at Rs 6,650 crore

Group covers lead 22% growth in Q1FY23 health insurance premium
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The company plans to use the proceeds of the investment to drive its growth in the health insurance market in India

Subrata Panda Mumbai
The boards of Aditya Birla Capital and Aditya Birla Health Insurance have approved a proposal of capital infusion to the tune of Rs 665 crore in the later from a subsidiary of Abu Dhabi Investment Authority (ADIA), the company said in a late-night statement.

Aditya Birla Health Insurance is a 51:49 joint venture between Aditya Birla Capital Limited and Momentum Metropolitan Strategic Investments, a wholly owned subsidiary of South African based Momentum Metropolitan Holdings Limited (MMH).

Post the consummation of the transaction, which is subject to receipt of statutory and regulatory approvals, including the Insurance Regulatory and Development Authority of India (Irdai),