Competition Commission of India
CCI approves acquisition of certain stake of BALIC by BLVPL, from AXA India Holdings and acquisition of certain shareholding of BMSL by BEL from Societe Beaujon
Posted On: 06 NOV 2023 8:58PM by PIB Delhi
The Competition Commission of India (CCI) has approved acquisition of certain stake of BALIC by BLVPL, from AXA India Holdings and the acquisition of certain shareholding of BMSL by BEL from Societe Beaujon.
The proposed combination relates to: (i) the acquisition of 49% shareholding of Bharti AXA Life Insurance Company Limited. (BALIC) by Bharti Life Ventures Private Limited (BLVPL) from AXA India Holdings (“AXA”) (“Proposed Transaction 1”) taking its total shareholding in BALIC to 100% and acquisition of BALIC’s sole control.; (ii) the acquisition of 48.54% shareholding of Bharti Management Services Limited (BMSL) by Bharti Enterprises Limited (BEL) from Societe Beaujon (a subsidiary of AXA) (“Proposed Transaction 2”) taking its total shareholding in BMSL to 100% and acquisition of BMSL’s sole control. The Proposed Transactions 1 and 2 are collectively referred to as the “Proposed Transaction
BLVPL and BEL, which are the ‘Acquirers’ to the Proposed Transaction, belong to the Bharti group. BLVPL is a private company, incorporated in India. It is a holding company and has its sole investment in BALIC. BEL is a public unlisted company incorporated in India. It is involved in the provision of management consultancy services.
BALIC, the target in Proposed Transaction 1 is a public unlisted company incorporated in India. It is involved in the business of providing life insurance policies. BMSL, the target in Proposed Transaction 2, is a public unlisted company incorporated in India. It was previously involved in the business of providing management consultancy and other consultancy services. However, BMSL has not been operational in the provision of consultancy services for the previous two years and currently only earns its income from other sources (such as rental and interest income).
Detailed order of the CCI will follow.
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