Insurance 07-Nov-23
CCI approves Bharti Group's proposal to buy 49% stake in Bharti AXA Life Insurance
The proposed 49% stake purchase of Bharti AXA Life Insurance Co Ltd by Bharti Group has been approved by the Fair Trade regulator Competition Commission of India (CCI), Bharti AXA Life Insurance Company Ltd (BALIC) is a company that offers life insurance policies.
The deal relating to acquisition of 49% stake in Bharti AXA Life Insurance Company Ltd (BALIC) by Bharti Life Ventures Pvt Ltd (BLVPL) from AXA India Holdings.
"CCI approves acquisition of approx 49% shareholding of Bharti AXA Life Insurance Co Ltd by BhartiLife Ventures Pvt Ltd from AXA India Holdings & acquisition of approx 48.54% shareholding of Bharti Management Services Ltd by BhartiEnterprises Ltd from Societe Beaujon," CCI said in a post on social media platform X on Tuesday.
CCI also approved the acquisition of 48.54% stake of Bharti Management Services Ltd (BMSL) by Bharti Enterprises Ltd (BEL) from Societe Beaujon (a subsidiary of AXA).
Bharti Life Ventures Pvt Ltd (BLVPL) is a holding company of Bharti AXA Life Insurance Company Ltd (BALIC), while Bharti Enterprises Ltd (BEL) belongs to the Bharti group.
Last month, Bharti Group said it has entered into a binding agreement with its joint venture partner France-based AXA to acquire its 49% stake in Bharti AXA Life Insurance. Post-transaction, Bharti Life Ventures Private Ltd (BLVPL), the holding company of Bharti AXA Life Insurance Company, will own 100% stake in the life insurer.
The deals beyond a certain threshold require approval from the regulator CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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