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 regulation 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations):

Acquisition of up to 18.951% (Eighteen point Nine Five One percent) of the equity share capital of the Religare Health Insurance Company Limited (Religare / Target) by the Trishikhar Ventures LLP (Trishikhar / Acquirer) (“Proposed Combination”).

Trishikhar is a special purpose vehicle set up for the purposes of the Proposed Combination. The Acquirer is a part of the Kedaara Group which invests in a variety of companies through acquisitions and corporate restructurings

Religare provides general insurance products relating to health segment, which comprises of health insurance, personal accident insurance and travel insurance. Further, as per the Insurance Regulatory and Development Authority of India (General Insurance - Reinsurance) Regulations, 2016, it can also do inward reinsurance business.

Summary of the Proposed Combination is available at:

https://www.cci.gov.in/sites/default/files/notice_order_summary_doc/C-2020-04-739_0.pdf

[Filing under sub-section (2) of Section 6 of the Act read with regulation 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 acknowledgment thereof.]

Green channel filing enables deemed approval upon notification for a minority acquisition in a health insurer under competition rules. Trishikhar Ventures LLP filed a green channel combination notice under the Competition Act and Combination Regulations for a minority acquisition in Religare Health Insurance; Trishikhar is a purpose vehicle of the Kedaara Group and Religare operates in the health insurance and related inward reinsurance activities. The filing was made under the green channel mechanism, whereby such notice is deemed approved upon filing and acknowledgement, and a public summary is available at the commission's website.