The Competition Commission of India (CCI) has approved the acquisition of AXA’s 49 per cent shareholding in Bharti AXA Life Insurance Company Ltd (Bharti AXA Life) by Bharti Life Ventures Private Ltd (BLVPL).
The acquisition of 49 per cent shareholding from AXA India Holdings would lead to Bharti Group through BLVPL gaining 100 per cent shareholding and therefore sole control in Bharti AXA Life.
The CCI has also given its stamp of approval to another transaction involving the acquisition of 48.54% shareholding of Bharti Management Services Ltd (BMSL) by Bharti Enterprises Ltd (BEL) from Societe Be Societe Beaujon, a subsidiary of AXA. This would take Bharti Group’s total shareholding in BMSL to 100 per cent and acquisition of BMSL’s sole control.
BLVPL is a private company incorporated in India. It is a holding company and has its sole investment in Bharti AXA Life.
BEL is a public unlisted company incorporated in India. It is involved in the provision of management consultancy services.
Bharti AXA Life Insurance is a public unlisted company incorporated in India. It is involved in the business of providing life insurance policies.