The Competition Commission of India (CCI) has approved the proposed combination involving acquisition of certain equity shares and special rights in Niva Bupa Health Insurance Limited by India Business Excellence Fund – IV.

India Business Excellence Fund-IV (Acquirer) is a category II Alternative Investment Fund (AIF) registered with the Securities and Exchange Board of India and primarily invests in equity and equity-linked instruments and/or debt and/or mezzanine or other instruments of India nor India related companies. It is a sector-agnostic fund, providing growth capital to mid-sized companies. MO Alternate Investment Advisors Pvt. Ltd. is the investment manager of the Acquirer.

Niva Bupa Health Insurance Limited (Target) is a standalone health insurance company which is engaged in offering insurance policies in the health and travel insurance segment in India. It underwrites primarily health insurance business which includes health indemnity, health fixed benefit (hospital cash, personal accident and critical illness) and travel insurance both to retail and group customers.

The proposed combination relates to the acquisition of certain equity shares in the Target, upon completion of which the Acquirer would have certain special rights in the Target (Proposed Combination).

Detailed order of the CCI will follow.

Merger control: CCI approval for acquisition of equity and special rights in a health insurance company by a private fund. Approval by the Competition Commission of India of a proposed combination where India Business Excellence Fund IV, a Category II AIF managed by MO Alternate Investment Advisors, will acquire certain equity shares and obtain specified special rights in Niva Bupa Health Insurance Limited, a standalone health insurer offering health and travel insurance products; a detailed CCI order will follow.