Represented Oman Insurance on the Sale of its Shareholding in Star Health to Safecrop Holdings

Deals & Matters
1 April 2019

Kochhar & Co. represented Oman Insurance Company in the sale of equity shares held by it in Star Health to Mio Star, Westbridge affiliate, US entities and Mr. Rakesh Jhunjhunwala for a total sale consideration of US $ 46.5 million approx.

The scope of our engagement included comprehensive advice on applicable Indian law including structuring of the transaction, advice on Foreign Exchange Management Act (FEMA), remittance of the consideration and the escrow mechanism, impact of litigation inter se the sellers, existing transfer restrictions and their validity under Indian law. The Firm also advised on negotiation of the transaction documents, appointment of the escrow agent, liaising with all sellers and facilitating closing of the transaction.