CCI Grants Approval under the ‘Green Channel’ mechanism for ROC Star Investment Trust’s Acquisition of Shares in Star Health and Allied Insurance Limited

The notification relates to the acquisition of up to 2.39% of the equity share capital of Star Health and Allied Insurance Company Limited (‘Star Health’) by ROC Star Investment Trust (‘ROC’) from SnowDrop Capital PTE Limited.[1] ROC is an investment vehicle managed by ROC Capital Pty Limited, an Australian investment management company. Star Health is engaged in the business of health insurance and also deals in personal accident, mediclaim and overseas travel insurance.[2]

[1]  Combination Registration No. C-2020/01/716.
[2]  CCI, by way of a gazette notification dated August 13, 2019 (‘Amendment’), introduced certain amendments to its merger control regulations, i.e., the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2011. The Amendment has been in effect from 15 August 2019 and allows transactions that don’t involve any form of ‘overlaps’ in the activities of the parties (vertical, horizontal or ‘complementary’) to be notified to CCI under a ‘Green Channel’. Such transactions will be deemed approved on receiving an acknowledgment on filing; and parties will no longer have to wait for CCI’s approval before giving effect to them.

Published In:Inter Alia Special Edition- Competition Law - February 2020 [ English
Date: February 19, 2020