Competition Commission of India approves the acquisition of Bharti AXA General Insurance Company Limited by ICICI Lombard
Further to the announcement made on August 21, 2020 regarding ICICI Lombard General Insurance Company Limited’s (“ICICI Lombard”) acquisition of the non-life insurance business of Bharti AXA General Insurance Company Limited (“Bharti AXA”), as a going concern, via a scheme of demerger, the Competition Commission of India (“CCI”), through its communication dated November 2, 2020, has considered the proposed combination and approved the transaction.
ICICI Lombard is, in parallel, progressing applications for receipt of approvals from other concerned regulators for the transaction.
Upon closing of the proposed transaction, the consolidated entity will have a market share of ~8.7%* on proforma basis in the non-life business. The proposed transaction is expected to result in value creation for all stakeholders through meaningful revenue and operational synergies. Further, policyholders should benefit from an enhanced product suite and deeper customer connect touch points. The employees of the combined business will also benefit via greater opportunities across functions and geographies.