Irdai gives in-principle approval for Bharti AXA-ICICI Lombard deal


PTI, Nov 28, 2020, 10:07 AM IST

Image: Facebook/@ICICILombard

New Delhi: Insurance Regulatory and Development Authority of India (Irdai) on Friday gave in-principle approval for the merger of Bharti AXA General with ICICI Lombard.

ICICI Lombard is progressing applications for receipt of requisite approvals from other concerned regulators for the transaction, the insurance company said in a regulatory filing.

Upon closing of the proposed transaction, the consolidated entity will have a market share of about 8.7 per cent on a pro forma basis in the non-life business, it added.

The proposed transaction is expected to result in value creation for all stakeholders through meaningful revenue and operational synergies, it said.

“Further, policyholders should benefit from an enhanced product suite and deeper customer connect touchpoints,” the company said, adding the employees of the combined business will also benefit via greater opportunities across functions and geographies.

Marking a major consolidation move in the insurance space, the proposed deal was announced in August this year.

Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insurance, while French insurer AXA has 49 per cent.

Post demerger, Bharti AXA General Insurance will cease to be a going concern and both Bharti and AXA will be public shareholders.

Earlier this month, the Competition Commission of India (CCI) had approved the acquisition of Bharti AXA General Insurance by ICICI Lombard. BSE Limited and the National Stock Exchange of India Limited too have issued the Observation Letters in this regard.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

India records 2.86 lakh new Covid cases, 573 more deaths

Sensex slumps over 1,100 points in early trade; Nifty falls below 16,950

‘Swabhimana padayatra’ receives tremendous response

34 personalities write to CM, MLAs over alleged violence against religious minorities

Govt to review situation, decide about reopening tourist places: Aaditya Thackeray

Tatas take first step in Air India, to introduce ‘enhanced meal service’ in 4 flights on Thursday

Karnataka set to establish military school in the name of Sangolli Rayanna


Related Articles More

Sensex slumps over 1,100 points in early trade; Nifty falls below 16,950

India’s annual Budget again goes green, cuts down on printing to bare minimum

Bring natural gas under GST to realise PM’s vision of gas-based economy: Industry

RBI-monitored takeover process complete: Crisis-hit PMC Bank branches to operate as USFBL branches

Consumer goods giant Unilever cutting 1,500 management jobs

MUST WATCH

Rajpath witnesses splendid fly-past of 75 aircrafts

Mysore student led NCC at the Republic Day 2022 Parade held in Delhi

NEWS BULLETIN 26-02-2022

Stunning motorcycle display by BSF all-women biker team at India’s 73 Republic Day parade

Siddaramaiah Talk’s About Election


Latest Additions

Shivamogga: Two killed in road accident

Netflix announces political drama series ‘The Diplomat’

Woman killed, five hurt as car runs into food stall at beach in Maha’s Palghar

Mysuru: Driven by debt, couple commits suicide

Kerala woman sets new record for her collection of over 1,350 Disney toys

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.