The Competition Commission of India (CCI) has approved the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard) under Section 31(1) of the Competition Act, 2002.
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As per the proposed combination:
- The whole general insurance business of Bharti AXA will be transferred to ICICI Lombard by way of demerger, considering that ICICI Lombard will issue shares to Bharti AXA.
- The combined entity(proposed merged non-life insurance company) is likely to have a market share of 8.7% on a proforma basis.
- Under the proposed combination, the shareholders of Bharti AXA will receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA, held by them as on the date on which the scheme is approved by the Board of Directors of ICICI Lombard and Bharti AXA.
Important takeaways for all competitive exams:
- Bharti AXA Co. Ltd Headquarters: Mumbai, Maharashtra.
- Bharti AXA MD and CEO: Sanjeev Srinivasan.
- Bharti AXA Established: 2008.
- Bharti AXA Tagline: Suraksha ka Naya Nazariya.
- ICICI Lombard Co. Ltd Headquarters: Mumbai, Maharashtra.
- ICICI Lombard MD & CEO: Bhargav Dasgupta.
- ICICI Lombard Established: 2001.
- ICICI Lombard Tagline: Quick Easy Smart.