Competition Comm clears Bharti AXA-ICICI Lombard deal

The Competition Commission of India (CCI) on Monday said it has approved the acquisition of general insurance business of Bharti AXA by ICICI Lombard. ICICI Lombard is a general insurance company..

The Competition Commission of India (CCI) on Monday said it has approved the acquisition of general insurance business of Bharti AXA by ICICI Lombard. Marking a major consolidation move in the insurance space, the proposed deal was announced in August this year.

Pursuant to the proposed combination, the entire general insurance business of Bharti AXA would be transferred by way of a demerger to ICICI Lombard in consideration of issuance of shares by ICICI Lombard to Bharti AXA, an official release said. "Commission approves acquisition of General Insurance Business of Bharti AXA@BhartiAXAGI by ICICI Lombard @ICICILombard," the fair trade regulator said in a tweet.

A general insurance company, Bharti AXA is a joint venture between Bharti General Ventures Private Ltd and Societe Beaujon. ICICI Lombard is a general insurance company..