Competition Commission of India (CCI) has granted its approval for the acquisition of a 49 per cent stake in Bharti AXA Life Insurance Company Ltd (BALIC) by Bharti Life Ventures Pvt Ltd (BLVPL).
The deal, which involves the purchase of a substantial shareholding of BALIC by BLVPL from AXA India Holdings, has received the green light from CCI.
“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.
BLVPL, the holding company of BALIC, and BEL, a part of the Bharti Group, are the key players in this acquisition. BMSL derives its income from various sources, including rental and interest income and its acquisition is a part of the broader strategy to consolidate the group’s interests.
Following the completion of these transactions, Bharti Life Ventures Private Ltd (BLVPL) will attain 100 per cent ownership of Bharti AXA Life Insurance Company.
