Dalmia to acquire stake in religare health insurance

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The Dalmia Group has agreed to acquire a 26% stake in Religare Health Insurance, as part of a consortium of investors that is buying 80% of the company from Religare Enterprises for US$161 million. Other members of the consortium include True North Group (formerly India Value Fund) and Faering Capital.

Dalmia to acquire stake in religare health insuranceThe deal is the single largest investment in the history of India’s health insurance industry.

Khaitan & Co advised the Dalmia Group. The corporate team comprised partner Bharat Anand and senior associates Siddharth Sawhney, Sanchit Agarwal and Kevin Peter. They were assisted on regulatory aspects by partner Anuj Sah and senior associate Rohan Singh.

Luthra & Luthra represented Religare Enterprises. The team consisted of partner Alina Arora, senior associate Samarth Gupta, and associates Apurva Zutshi and Parth Singh.

Cyril Amarchand Mangaldas partners Radhika Gaggar and Rohil Vashist led a team that assisted Religare Enterprises with the due diligence aspects of the deal.

DSK Legal acted for True North with a team comprising partners Satish Kishanchandani and Narendra Dingankar, manager Shoubhik Dasgupta, senior associate Jayesh Kothari, and associates Tanya Singh, Sameer Raina and Jeevita Pillai.