The Competition Commission of India (CCI) has approved acquisition of general insurance business of Bharti AXA General Insurance Company (Bharti AXA) by ICICI Lombard General Insurance Company (ICICI Lombard) under Section 31(1) of the Competition Act 2002.
ICICI Lombard is a general insurance company registered with the Insurance Regulatory and Development Authority of India (IRDAI). It is engaged in providing a comprehensive and diversified range of general insurance products, including motor, health, fire, personal accident, marine, engineering and liability insurance through multiple distribution channels.
Bharti AXA is a general insurance company registered with IRDAI and a joint venture held by Bharti General Ventures Private (51 percent) and Societe Beaujon (49 percent). It is engaged in providing general insurance products, including motor, health, travel, crop and home insurance to its customers.
The entire general insurance business of Bharti AXA will be transferred by way of a demerger to ICICI Lombard in consideration of issuance of shares by ICICI Lombard to Bharti AXA.