Shardul Amarchand Mangaldas and Co advises Apollo Hospitals Enterprise Limited, Apollo Energy Company Limited and the promoter shareholders of Apollo Munich Health Insurance Company Limited

February 14, 2020

Shardul Amarchand Mangaldas & Co (SAM & Co) advised, as legal counsel, Apollo Hospitals Enterprise Limited, Apollo Energy Company Limited and the promoter shareholders of Apollo Munich Health Insurance Company Limited (AMHI) (now known as HDFC ERGO Health Insurance Limited), in a transaction involving the sale of approximately 51.20% stake in AMHI held by the Apollo Hospitals Group to HDFC Limited. SAM & Co was involved in structuring the transaction, reviewing, negotiating and finalizing the share purchase agreements, joint venture termination agreement, other transaction documents, providing strategic advice on legal and regulatory issues, including applications to regulators, in connection with the transaction and in assisting parties in signing and closing formalities. This transaction was the first of its kind involving  purchase of a controlling stake in a standalone health insurer by the controlling promoter of a general insurer. The deal was approximately valued at USD 230,182,080.

The SAM & Co corporate team was led by Shailaja Lall, Partner, Anu Susan Abraham, Partner, Arush Upmanyu, Senior Associate, Priya Jaisingh, Associate and Christina Shaju, Associate. The competition law team that worked on this transaction includes Rohan Arora, Director-Competition Law, Aparna Mehra, Partner, Aman Sethi, Principal Associate, Anjali Kumar, Associate and Modhulika Bose, Associate. The tax team that worked on this transaction includes Amit Singhania, Partner, Gouri Puri, Partner and Rahul Yadav, Principal Associate.

HDFC ERGO was represented by Wadia Ghandy & Co., Mumbai; HDFC Limited was represented by AZB & Partners, Mumbai; and Munich Health Holding AG was represented by AZB & Partners, Mumbai.