8 Nov 2023 , 11:34 AM
The Competition Commission of India (CCI) has approved Bharti Group’s proposed acquisition of a 49% interest in Bharti AXA Life Insurance Co Ltd. Bharti AXA Life Insurance Company Ltd (BALIC) is a company that sells life insurance products.
The transaction involves Bharti Life Ventures Pvt Ltd (BLVPL) acquiring a 49% stake in Bharti AXA Life Insurance Company Ltd (BALIC) from AXA India Holdings.
The regulator also authorised Bharti Enterprises Ltd (BEL) acquiring a 48.54% ownership in Bharti Management Services Ltd (BMSL) from Societe Beaujon (an AXA subsidiary).
BLVPL is a BALIC holding company, whereas BEL is part of the Bharti group. BMSL does not provide consulting services and derives its money from various sources such as rental and interest income.
Bharti Group said last month that it had reached a contractual deal with its joint venture partner, France-based AXA, to buy its 49 percent investment in Bharti AXA Life Insurance.
Bharti Life Ventures Private Ltd (BLVPL), the holding company of Bharti AXA Life Insurance Company, would own 100% of the life insurer following the deal.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.