Bharti Axa's company logo.
Bharti Axa
New Delhi: Fair trade regulator Competition Commission of India (CCI) has cleared Bharti Group's proposed 49 per cent stake purchase in Bharti AXA Life Insurance Co Ltd.
Bharti AXA Life Insurance Company Ltd (BALIC) is involved in the business of providing life insurance policies.
The deal relates to the acquisition of 49 per cent shareholding of Bharti AXA Life Insurance Company Ltd (BALIC) by Bharti Life Ventures Pvt Ltd (BLVPL) from AXA India Holdings.
"CCI approves acquisition of approx 49 per cent shareholding of Bharti AXA LifeInsurance Co. Ltd. by BhartiLife Ventures Pvt Ltd from AXA India Holdings & acquisition of approx 48.54 per cent shareholding of Bharti Management Services Ltd by BhartiEnterprises Ltd. from Societe Beaujon," according to a post by CCI on social media platform X on Tuesday.
The regulator also approved the acquisition of 48.54 per cent stake of Bharti Management Services Ltd (BMSL) by Bharti Enterprises Ltd (BEL) from Societe Beaujon (a subsidiary of AXA).
BLVPL is a holding company of BALIC, while BEL belongs to the Bharti group. BMSL has not been operational in the provision of consultancy services and earns its income from other sources, such as rental and interest income.
Last month, Bharti Group said it has entered into a binding agreement with its joint venture partner France-based AXA to acquire its 49 per cent 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 per cent stake in the life insurer.
In another post by CCI on X, the anti-trust regulator said it has approved the acquisition of 20.51 per cent equity stake of Indo Rama Synthetics (India) Ltd (IRSL) by Aloke Lohia from Brookgrange Investment Ltd.
Further, the regulator also cleared the transfer of 20.51 per cent equity stake of IRSL to Urmila Lohia by Aloke Lohia.
"Commission approves the proposed acquisition of 20.51 per cent equity shares of Indo Rama Synthetics (India) Ltd (IRSL) by Mr. Aloke Lohia from Brookgrange Investment Limited and transfer of 20.51 per cent equity shares of IRSL to Urmila Lohia by Aloke Lohia," CCI said in a post on X.
Aloke Lohia and Urmila Lohia are the promoters of IRSL, while the latter is engaged in the manufacturing and supply of polyester fibres and filaments such as polyester chips, polyester fibres and polyester yarns.
As per the BSE, Brookgrange Investment Ltd is a promoter group of IRSL.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace. PTI HG HG TRB TRB