CCI Clears BNP Paribas Cardif's Acquisition Of Equity Stake In IndiaFirst Life Insurance

The Competition Commission of India has approved the proposed acquisition of certain equity share capital in IndiaFirst Life Insurance Company Limited by BNP Paribas Cardif.

The transaction involves BNP Paribas Cardif, a company incorporated in France and wholly owned subsidiary of BNP Paribas SA, acquiring a stake in IndiaFirst Life Insurance Company Limited.

BNP Paribas is a publicly listed company engaged in providing corporate and institutional banking, commercial and personal banking, investment and protection services. In India, the group, along with its affiliates, provides various financial and advisory services.

IndiaFirst Life Insurance Company Limited is an Indian company holding a licence from the Insurance Regulatory and Development Authority of India and is engaged in the life insurance business in the country.

The Commission stated that a detailed order would be issued.