The Competition Commission of India (CCI) approves acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard) under Section 31(1) of the Competition Act, 2002.
ICICI Lombard is a general insurance company registered with the Insurance Regulatory and Development Authority of India (IRDAI) and is engaged in providing a comprehensive and well-diversified range of general insurance products, including motor, health, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.
Bharti AXA is a general insurance company registered with the IRDAI and is a joint venture held by Bharti General Ventures Private Limited (51%) and Societe Beaujon (49%). It is engaged in providing general insurance products, including motor, health, travel, crop and home insurance to its customers.
Pursuant to the proposed combination, the entire general insurance business of Bharti AXA would be transferred by way of a demerger to ICICI Lombard in consideration of issuance of shares by ICICI Lombard to Bharti AXA.
Detailed order of the Commission will follow.
Also See:
Salesforce, the worlds #1 CRM, powered by AI technology and capabilities, today hosted India's first…
Lung cancer remains one of the most prevalent and deadly cancers globally, with approximately 2.2…
At Lord's Mark Industries Limited, led by Sachidanand Upadhyay, we are committed to fostering positive…
After the success of the first phase of 'The Missing Beat', a campaign aimed at…
Laid the foundation stone by Shri D. Sridhar Babu, Minister of IT, Electronics, Communications, Industries…
Chitkara University has earned a prominent place on the global academic stage, ranking 161st in…