CCI nod bodes well for ICICI Lombard
The Competition Commission of India has approved the acquisition of general insurance business of Bharti AXA General Insurance Co Ltd by ICICI Lombard General Insurance Co Ltd.
Following the acquisition, the 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, the competition panel said in a release.
ICICI Lombard General Insurance and Bharti AXA General Insurance had, in August, entered into a definitive agreement for demerger of the latter's non-life insurance business into the former.
The transaction will make ICICI Lombard the third largest non-life insurer in the country, with a market share of 8.7 per cent.
The stock may react positively to the development.
Key results: Adani Gas, Adani Ports SEZ, JSW Energy, Muthoot Fin, Sun Pharma
Over 60 companies will declare their quarterly and half-yearly results for the period ended September 2020 on Tuesday (November 3). Among them include Adani Gas, Adani Ports and Special Economic Zone, Alembic, CARE Ratings, Cholamandalam Financial, DCW, Deepak Fertilizers, Dhanlaxmi Bank, EIH Associated Hotels, Eris Lifesciences, Everest Industries, Geojit Financial, GSFC, Godrej Properties, IIFL Finance, Jagran Prakashan, JMC Projects, JSW Energy, Kansai Nerolac, MRPL, Mohit Ind, Muthoot Finance, Neuland Lab, Prism Johnson, PVR, Ramco Industries, Ramco Systems, Ratnamani Metals, Transport Corp, SMS Pharma, Sun Pharma, Uniphos Enterprises, Varun Beverages and Uttam Galva Steels.
Sterlite Tech signs definitive agreement to acquire Optotec S.p.A
Sterlite Technologies, an industry leading integrator of digital networks, on Friday announced the signing of definitive agreements to acquire Optotec S.p.A, a leading optical interconnect products company based in Italy.
The transaction is structured to acquire 100 per cent of Optotec's shareholding on closing at an enterprise value (EV) of euro 29 million (about Rs 250 crore). The deal will be financed by a mix of internal accruals and foreign currency debt instruments.
Optotec, a privately held company, provides a complete range of optical interconnect products for the telecommunications, FTTH and cloud networks in Europe. Optotec, under its patented technology, has an end-to-end portfolio ranging from Outside Plant (OSP) to Central Office (CO) to Customer Premises (CP) that would complement STL's "Opticonn" offering of optical fibre and cables for a truly integrated products portfolio.
Optotec has a strong legacy in Optical Interconnect portfolio of over 20 years and shares longstanding relationships with marquee European telecom operators.
The acquisition will create a solid springboard to offer a complete bouquet of solutions to customers across Europe, India and West Asia.