CCI clears Sanlam deal to buy 23% stake in SGIC, SLIC
The Dollar Business Bureau Competition Commission of India (CCI) has given its approval to Sanlam Ltd to acquire 23 percent stake in Shriram group’s two insurance companies. Sanlam Emerging Markets Mauritius Ltd (SEM), group firm of Sanlam Ltd, will do the acquisition process. Sanlam Ltd, a financial services firm based in South-Africa, would buy 23 percent share each in Shriram General Insurance Company (SGIC) and Shriram Life Insurance Company (SLIC) from Shriram Captital, according to a statement by SEM. This year, in February, the firms entered into an agreement of sale of stake. While approving the deal, CCI mentioned that the given deal would not have an adverse impact on competition in the country. CCI said that currently the rights enjoyed by SEM in the ...
