CCI Consents To 360 One And Bharti Life Ventures’ Offer To Acquire Stakes In Bharti AXA Life
CCI Consents To 360 One And Bharti Life Ventures’ Offer To Acquire Stakes In Bharti AXA Life
This investment will strengthen the insurer's growth and enhance its market share
The Competition Commission of India (CCI) has given a nod to the joint proposal by 360 One, a wealth management firm, and Bharti Life Ventures Pvt Ltd (BLVPL) to acquire stakes in Bharti Axa Life Insurance Company (BALIC).
While 360 One will acquire equity shares, Bharti Life will subscribe to additional shares.
Bharti Axa is a public unlisted company incorporated in India and provides life insurance policies.
Deals beyond a certain threshold require approval from the competition regulator, which keeps a tab on unfair business practices and promotes competition in the marketplace.
The CCI stated, "The Commission approves the acquisition of certain equity shares of BALIC by 360 One Private Equity Fund, through its schemes or affiliates.”
The regulator also approved the subscription of certain equity shares in BALIC by BLVPL and 360 Fund.
360 Fund is a Securities and Exchange Board of India (SEBI)-registered alternative investment fund, owned and controlled by 360 ONE WAM Ltd.
BLVPL is the holding company of BALIC. Both are owned by billionaire Sunil Bharti Mittal of Bharti Group.
Early this year, 360 ONE Asset (formerly IIFL Asset Management) announced its decision to acquire a 15 percent stake in Bharti AXA through its funds. It was to strengthen the insurer's growth trajectory, unlock new avenues for innovation and enhance its market share.
