The Competition Commission of India (CCI) on Tuesday cleared a joint proposal of wealth management firm 360 ONE and Bharti Life Ventures to acquire stakes in Bharti Axa Life Insurance Company. Bharti Axa Life Insurance Company is a public unlisted company incorporated in India. It is involved in the business of providing life insurance policies.
“Commission approves the acquisition of certain equity shares of Bharti Axa Life Insurance Company Ltd (BALIC) by 360 ONE Private Equity Fund, through its schemes or affiliates (360 Fund),” the regulator said in a release.
The regulator has also granted its approval for the subscription of certain equity shares in BALIC by Bharti Life Ventures Pvt Ltd (BLVPL) and 360 Fund, it added.
360 Fund is a Sebi-registered alternative investment fund. It is ultimately owned and controlled by 360 ONE WAM Ltd while BLVPL is the holding company of BALIC, and both of these companies belong to billionaire Sunil Bharti Mittal’s Bharti Group.
In February, 360 ONE Asset, formerly IIFL Asset Management, said it will acquire a 15 per cent stake in Bharti AXA Life Insurance through its funds to strengthen the insurer’s growth trajectory, unlock new avenues for innovation and enhance its market share.
The investment by 360 ONE Asset will further accelerate Bharti AXA’s plans to enhance its product offerings and strengthen its distribution network to serve the dynamic and evolving needs of the consumer, it said.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
