CCI Approves Proposed Acquisition Of 2.8% Stake In Shriram Life Insurance By Sanlam Emerging Markets

The Competition Commission of India has approved the proposed acquisition of a 2.80% stake in Shriram Life Insurance Company Limited (SLIC) by Sanlam Emerging Markets (Mauritius) Ltd (SEMM).

According to a press release issued by the Commission on Tuesday, the proposed combination involves SEMM acquiring 2.80% of the expanded equity capital of SLIC through a preferential issue of shares.

SEMM, a Mauritius based company forming part of the Sanlam Group of South Africa, is a strategic partner of the Shriram Group and has investments in various Shriram Group companies in India.

SLIC is an IRDAI-registered life insurance company engaged in the business of providing life insurance products, including unit-linked insurance plans and other products permitted under the Insurance Act, 1938.

The Commission stated that a detailed order will follow.