The Competition Commission of India (CCI) has approved the acquisition of general insurance business of Bharti AXA General Insurance Company (Bharti AXA) by ICICI Lombard General Insurance Company. Marking a major consolidation move in the insurance space, the proposed deal was announced in August 2020. Pursuant to the proposed combination, the entire general insurance business of Bharti AXA would be transferred by way of a demerger to ICICI Lombard in consideration of issuance of shares by ICICI Lombard to Bharti AXA.
ICICI Lombard General Insurance Company offers its customers a comprehensive and well-diversified range of products, including motor, health, crop/weather, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.
