By Nick Hedley
The Abu Dhabi Investment Authority (ADIA), one of the largest sovereign wealth funds in the world with $829 billion in assets, is acquiring a 10% stake in India’s Aditya Birla Health Insurance for 6.7 billion rupees (US$83 million).
Mumbai-based Aditya Birla Capital and South Africa’s Momentum Metropolitan currently jointly own Aditya Birla Health Insurance. Their stakes will be reduced to 45.9% and 44.1%, respectively, when ADIA is introduced as a third investor.
The capital injection from ADIA will be used to drive Aditya Birla Health Insurance’s growth in India’s health insurance market, according to a regulatory filing by Momentum Metropolitan.
In June, ADIA acquired a 10% stake in energy investment company Sempra Infrastructure for $1.73 billion.
Around the same time, ADIA and Global Infrastructure Partners (GIP) announced that they would jointly acquire a 72.6% stake in VTG Aktiengesellschaft, a European railcar lessor, from funds managed by Morgan Stanley Infrastructure Partners and Joachim Herz Stiftung.