13 February, 2019
On December 19, 2018, CCI approved acquisition of 40% of the equity share capital of Royal Sundaram General Insurance Company Limited (‘RSGI’) by Ageas Insurance International N.V. (‘Ageas’) pursuant to the execution of a share purchase agreement and shareholders agreement entered into between the RSGI, Ageas, Sundaram Finance Limited (‘SFL’) and other selling shareholders of RSGI. [1]
Ageas is a Dutch company engaged in provision of international insurance solution to retail and business customers. In India, Ageas is present through IDBI Federal Life Insurance Company Limited (‘IFLI’) which engages in provision of life insurance services in India. RSGI is a subsidiary of SFL and is engaged in provision of general (non-life) insurance services to individuals and businesses. It offers motor, health, personal accident, home and travel insurance to individuals and also offers insurance products in fire, marine, engineering, liability, motor and business interruption risks to commercial customers.
In its competition assessment, CCI observed that since there was no horizontal overlap or vertical relationship between Ageas and RSGI, the combination was not likely to have any AAEC in India and therefore approved the acquisition.
[1] Combination Registration Number C-2018/11/618.
For further information, please contact:
Zia Mody, Partner, AZB & Partners
zia.mody@azbpartners.com
