Bharti Group gets CCI approval for purchase of 49% stake in Bharti AXA Life Insurance

8 Nov 2023 , 11:31 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 [e-mail]