Aditya Birla Nuvo has entered into a joint venture with MMI Holdings, a South African financial services group, to enter the Indian health insurance market..Khaitan & Co acted for Aditya Birla Nuvo while Eversheds acted as South African counsel..The Khaitan team was led by Partner Niren Patel along with Senior Associate Aravind Venugopal, and Associates Adyasha Das, Niharika Mepani, Sanjna Pramod and Umang Singh..Associate Partner Moin Ladha advised on regulatory aspects while Partner Adheesh Nargolkar along with Senior Associate Alisha Ganjawala and Shailendra Bhandare advised on Intellectual property aspects..The Eversheds team included Partner Robyn de Kock..AZB & Partners acted as domestic legal counsel for MMI with a team led by Partner Rajendra Barot while Webber Wentzel, Johannesburg acted as international counsel and the team included Partner Johannes Gouws..As per the agreements, Aditya Birla Nuvo will hold 51% share in the joint venture company named Aditya Birla Health Insurance Co Ltd (ABHICL)..This deal is the first in the health insurance space after the recent insurance law reforms and the liberalization of foreign investment in the insurance sector, according to the firm release.
Aditya Birla Nuvo has entered into a joint venture with MMI Holdings, a South African financial services group, to enter the Indian health insurance market..Khaitan & Co acted for Aditya Birla Nuvo while Eversheds acted as South African counsel..The Khaitan team was led by Partner Niren Patel along with Senior Associate Aravind Venugopal, and Associates Adyasha Das, Niharika Mepani, Sanjna Pramod and Umang Singh..Associate Partner Moin Ladha advised on regulatory aspects while Partner Adheesh Nargolkar along with Senior Associate Alisha Ganjawala and Shailendra Bhandare advised on Intellectual property aspects..The Eversheds team included Partner Robyn de Kock..AZB & Partners acted as domestic legal counsel for MMI with a team led by Partner Rajendra Barot while Webber Wentzel, Johannesburg acted as international counsel and the team included Partner Johannes Gouws..As per the agreements, Aditya Birla Nuvo will hold 51% share in the joint venture company named Aditya Birla Health Insurance Co Ltd (ABHICL)..This deal is the first in the health insurance space after the recent insurance law reforms and the liberalization of foreign investment in the insurance sector, according to the firm release.